Home Buying in 20148>Question Details

Truliatrulia, Other/Just Looking in Fredericksburg, VA

I am planning on moving into the Ashburn area towards the end of this school year with my family and like Brambleton. I am in a rebuilding phase with

Asked by Truliatrulia, Fredericksburg, VA Fri Jan 21, 2011

my credit and wonder if there are any Owner Finance opportunities that arise or Lease Option? That would give me proper time to get squared away with improved credit score and down payment. I now have a good salary ($150 ) and can afford a sizable payment

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I would like to suggest that you talk to a really good local lender. Have them review your credit and they will give you some very good advise as to what you can do to improve your score. They can also tell you how much down payment you need to save, the alternative loan programs available to you, and the payments assosiated with these. They can show you payment estimates based on different price ranges or different loan programs, and they can tell you when you could be eligible to purchase.

Many sellers will not accept a lease option, but it definitely is worth a try, when you are ready.

If you would like for me to recommend different lenders who are highly qualified, who will be willing to help you, please email me. dina@myUSAhomes.com.
1 vote Thank Flag Link Fri Jan 21, 2011
Lease options are a bit tricky especially in this market. There are many lenders out there that might be able to walk you though your financial dilemma. I suggest you contact someone and ask questions. Brambleton is a wonderful area. Please feel free to contact me if there is anything I can assist you with. Good Luck!
Web Reference: http://agarciahomesales.com
0 votes Thank Flag Link Fri Jan 21, 2011
Seller financing and lease-options are very rare in this area. Pretty much everyone that is in the same situation as you rents until their credit is at a point where they can obtain a loan at a reasonable rate.

As agents, we can not answer the question of what type of financing you can or can not obtain so you should speak with a reputable and honest lender to explore your options and get advice on how to rebuild your credit. I know several excellent lenders in this area and would be happy to pass their information along to you if you would like.

If you would like more information about the Brambleton/Ashburn area or Loudoun County in general, check out my hyper-local blog sites, http://LoudounScene.com and http://LoudounForeclosures.com.

Danilo Bogdanovic
Real Estate Consultant/REALTOR(r)

703.582.6900 (cell)

0 votes Thank Flag Link Fri Jan 21, 2011
Hmm... Before you move too quickly into a lease option, let's talk. Very few agents have actually worked with a lease/option, and the ones that have are often predatory "landlords". Be sure you're getting the best of the best advice so you're protecting yourself against the most significant risks. Honestly it is in extremely rare circumstances (and not yours) that I consider this a good idea.

If you can finance yourself, that is a much better way to go. Alternatively, you should consider leasing until you can purchase, in my opinion.

If you would like assistance weighing your options, please don't hesitate to contact me. I know Brambleton & surrounding area quite well, it is a very nice place.
0 votes Thank Flag Link Fri Jan 21, 2011
Hello - the owner finance and lease/option or lease/purchase opportunities are few and far between in our area. Most owners do not have the kind of equity required to offer these types of options. Your choices will be quite limited if you try to pursue this route.

Also, many lease/purchase situations will involve paying a few hundred dollars extra each month which can be used towards your downpayment if you purchase the home. But if you don't purchase, the owner will get to keep that extra rent. If it was me, I would just rent a nice home in Brambleton first, and then, when my credit was ready, I would start looking for a home to purchase. This would allow me to be able to choose from all the homes on the market when I was ready.

As far as rebuilding your credit, you should work with a mortgage lender on this because they will know exactly what you need to do to be ready to purchase a home. Please let me know if you need a referral.

0 votes Thank Flag Link Fri Jan 21, 2011
There are certainly some lease options in the area, I have several contacts who specialize in lease to own properties. I'm not sure if thats completely possible in Brambleton but I certainly think its worth looking into. I would definitely echo some of the other suggestions on here and recommend, if you haven't already, talking to a credit counselor and come up with a plan.

Check out NFCC.org and Consumercredit.com for resources. Once you do figure that out I would love the opportunity to interview with you and talk about how I help my buyers find their ideal home. There is always a solution, sometimes it just takes a problem solver to find it. I wish you good luck in your search!

Jacob Taylor
Keller Williams Realty
0 votes Thank Flag Link Fri Jan 21, 2011
Ashburn is a great place to live-I know- I moved here in 1975 and call it HOME! I would always recommend starting the home buying process by talking to a reputable lender-I have one in mind if you need a recommendation. The lender can assist you in the process of getting your credit where it needs to be to purchase a home. Lease to own options are hard to find-honestly so consider a 6-12 mos lease while you fine tune your credit.

When your ready to start looking for a home-please keep me in mind. We are a family owned and operated real estate firm in Ashburn and I have plenty of great references for you to verify my credentials.

Best wishes.
Web Reference: http://www.JackieLawlor.com
0 votes Thank Flag Link Fri Jan 21, 2011
Brambleton is a terrific location! And there are always financing "possibilities." Of course, this also depends on your needs. Let me know what your specific housing requirements are (e.g. bedrooms, baths, size, other amenities, dates you need to move, etc.) and I'll get you a list of those "possibilities." I also recommend a consultation with a mortgage professional, and can provide you with referrals, if you wish.
0 votes Thank Flag Link Fri Jan 21, 2011
There are always lease opportunities available, although I have not seen many lease-with-option to purchase. There are also good lenders out there who might be able to assist with 'cleaning up' your credit, so that you may be able to purchase sooner than later (if that's your desire).

If you'd like assistance in your search, please feel free to contact me at any time.

Kent Tunell
Principal Broker
Tunell Realty

Web Reference: http://www.TunellRealty.com
0 votes Thank Flag Link Fri Jan 21, 2011
Dear home buyer,

The first thing you need to do is sit with an experienced loan officer from a reputable company to see what exactly your credit situation is and what you have to do and how long it takes you to do it to be able to get a loan.
There are properties in your requested area that do owner financing, but the owners usually finance for short terms like 2/3 years and would want to know about your credit status and when it will be remedied so you can get a long term loan.
Please call me at 703-819-2961 or go to my web register and I will be able to assist you. I have done some owner financing recently and I have properties listed in Fairfax County where the owners are ready to finance.
Web Reference: Http://jinasellshomes.com
0 votes Thank Flag Link Fri Jan 21, 2011

There are always opportunities - it's a matter of prudent networking and negotiation on the part of your agent.

I recommend as a next step in the process, to sit down and interview with a few agents - that will give you some perspective on competence and "fit" for your family's personality. It will be equally critical to have a "virtual team" engaged - most importantly a strong and responsive lender. Your agent will be able to put that team together for you.

I would be honored to be included in your process when you're ready to take that next step.

Lisa Moroniak | REALTOR® | Service360°
Keller Williams Realty
Phone: 703-635-0388
Fax: 703-679-1701
Licensed in VA
Web Reference: http://www.LisaMoroniak.com
0 votes Thank Flag Link Fri Jan 21, 2011
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