Tammy Hayes, Realtor
Re/Max Palm Realty
John Riche, Exit Realty Welcome Home
Your post is a bit confusing. You first state you are "looking for a rent with option to buy" property. You conclude by stating you " will close within 60 days for cash." Are looking to purchase or identify a "lease option?"
The fact of the matter is most people really don't understand how a lease option works. Sellers usually require a large non-refundable deposit to protect their investment. The terms involved in these agreements are created by an attorney usually hired by the seller.
With Tax Deductible interest and rates so low, why would you want to sink so much money into DEAD EQUITY?
Example: a rate of 3% in effectively 2% less after you factor back in the interest write off, making it an effective payment rate of approx. 1%!
Do you feel you'll get a better deal with a Cash Offer? Yes you may be right, but as long as you can Prove you can pay cash, you can still get a great deal and financed the transaction too.
The reason sellers like cash deals are because they know they will close, but if you can show you have the funds in the bank to pay cash, giving the seller the security of knowing the deal will close no matter what, generally that can understand why a buyer would not want to sink all their money into DEAD EQUITY!
See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.
1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BKâ€¦OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)
4) 97% LTV- No monthly MI- w/No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals
STATED INCOME ALT up to Super Jumbo
11) 90% LTV- SHORT SALE, BK, FORECLOSURE Forgiveness
12) 80% LTV- FIX nâ€™ FLIP Invest. Prop.
13) 70% LTV- Soft and Hard Money
14) LOT/VACANT LAND LOANS
15) COMMERCIAL PROGRAMS-available nationwide
Go to: http://WWW.PRO-OPTION.COM or call 888-662-4404
Pro Option Mortgage/ Florida
Prior Service U.S. Marine Corps