Yeleinys Mor…, Renter in Port Charlotte, FL

Anyone that is very well informed please help me!?

Asked by Yeleinys Morejon, Port Charlotte, FL Thu Apr 25, 2013

Hello! Thank you for reading my question first of all. This is the deal. I have been working on getting my credit going while my fiance doesnt have good credit. A friend told me about a FHA loan which I am interested in looking at since theres nothing more that i want than owning our own home. Anyways, does anyone know what I should do about that? Also, are tehre any other agencies to look into that offer loans to people in my situation? Maybe rent to own homes? Please your answers are greatly appreciated! Thank you!

yeleinys1992@live.com

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Answers

8
Rent to own homes are very few and far between. You can meet with a lender regarding FHA and they can review your credit and discuss with you what your options are. One lender you can contact is Joseph Morningstar at Morningstar Mortgage, morningstar.mortgage@verizon.net, 941-426-7827
or 866-990-7827. Many of my buyers have obtained FHA loans with 100% financing and ask the seller to pay for closing costs. Another lender is Gold Star Mortgage Financial Group, Jeff Ballard at 877-301-7912 x1100.

I would be happy to answer any other questions you may have about purchasing a home in this area. Our office is located in Port Charlotte.

Tammy Hayes, Realtor
RE/MAX Palm Realty, Port Charlotte
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remax-florida.com/
1 vote Thank Flag Link Fri Apr 26, 2013
I work with a experienced Loan Officer. That has work WONDERS with people who have less than perfect credit. Give me a call and i will hook you up with her. It's always great when you have a experienced Loan Officer that's up to date with all the new programs available in today's market.

Jessica Coleman P.A
Allison James Estates & Homes
Direct: (941) 249-2366 (you can send me a text also)
http://www.PortCharlotteHouses.com
1 vote Thank Flag Link Thu Apr 25, 2013
Hi, our office is in Port Charlotte. You are welcome to call me and I will help you anyway I can. I have helped many people buy a home and I have purchased a few FHA Loans myself.


Thank you,
Leonard Hughes-Realtor 941-786-8487
Fax, 941-870-9233
Green Lion Realty
493 Barger Dr, Port Charlotte, FL 33954
Leonard@GreenLionRealty.com
http://www.GreenLionRealty.com
1 vote Thank Flag Link Thu Apr 25, 2013
You definitely need to get in touch with a good lender who is willing to put in a little extra effort to help you out.
There are several, I can give you some names if you would like.

There are a number of dangers you open yourself up to when you start looking for the rent to own deals. the probability of being taken advantage of is pretty high because the investors offering those know your options are limited if that is what you are looking for.

Respectfully,

Jim Sweat, ABR, CRS, CDPE, GRI, e-PRO, ILHM
REALTOR
Author of REAL ESTATE CSI: CONTROVERSY, SECRETS & INSIGHT (availalable early 2013)

American Realty of Venice
http://www.JimSweat.com
http://www.ExplainShortSales.com
http://www.linkedin.com/in/jimsweat

A Proven Professional Working for You!
18 Years Experience
1 vote Thank Flag Link Thu Apr 25, 2013
Aside from the fact that Lease/Options can be a Pandora's Box,
Private Lenders, such as Sellers who do Lease/Options, do not report to credit bureaus.
FHA can be a little flexible, and they can use your DTI to determine your eligibility.
Keep working on your Credit Rating.
1 vote Thank Flag Link Thu Apr 25, 2013
You need to hook up with an experienced Loan Officer who can walk you through the process step by step. Please read the blog by clinking on the link. Please contact us direct if you have any questions. We are licensed in the state of FL.

Best of Luck!

http://www.trulia.com/blog/george_raymondo/2011/03/can_someo…
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Thu Apr 25, 2013
My advice is: fix your credit.

I think of credit the way I think of an ankle. If it's strained, it needs to be rehabbed before running on it. Buying a home requires healthy credit, the way a marathon requires a healthy ankle.

Rent-to-own is kind of like pretending to buy a home - you put up a sizable down payment ("option money,") you pay a premium on top of the rent (for the "option,"), and then, when your credit is good enough to go out and get a loan to finish the sale - you realize that you now would have so many homes to choose from, if you didn't sink so much money into this loser rent-to-own place.

So. Fix your credit, then buy a house like a real buyer!

All the best,
0 votes Thank Flag Link Fri Apr 26, 2013
I would think your first step would be to find a reputable lender or mortgage broker to help you figure out where you stand credit wise and what you can qualify for. A good lender will work with you on clearing up credit issues and advising you on the steps you will need to take to obtain your home. Your fiancee does not need to be on the mortgage unless you need her income to qualify. Their are several government loans out there for 1st time home buyers...your lender can advise you on these as well. GOOD LUCK and hope this helped a little bit. If you need more assistance I will be happy to talk with you..give my office a call.

Eileen Goltz
Broker/Owner
Coral Realty, LLC
941-235-8481
0 votes Thank Flag Link Fri Apr 26, 2013
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