Julia, Renter in South Portland, ME

I'm interested in buying my first home but to have it as a rental. My credit rateing is not where it needs to be.

Asked by Julia, South Portland, ME Wed Jan 23, 2013

Are there investors willing to work with someone like myself?

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Answers

6
Lenders are more strict today than in the past. Best to contact a mortgage banker and be brutally honest about your situation. If you do not qualify at the moment, they will be able to prepare a plan for you to follow so you will qualify in the future. When you are ready to purchase, call us at 207 712 4796
0 votes Thank Flag Link Mon Jan 27, 2014
Hi call/text 207-318-0860 and we can talk about your future as a home owner and how to get there.
0 votes Thank Flag Link Wed Jan 23, 2013
USDA Loans offer 100% financing on scores 640 and above, it is restricted to rural towns, such as Cape Elizabeth, parts of Westbrook, Hollis, Saco, Windham, Gorham. Depending on your circumstances, a home owner may be willing to finance a portion of your loan. Typically renting/leasing
to own uses a percentage of your rent as a down payment. This can be used as your 3.5% down if you or the town you buy in does not qualify for USDA loan.
0 votes Thank Flag Link Wed Jan 23, 2013
Hi Julia,

Unfortunately, investors now view credit as one of the primary factors when considering credit worthiness. There are ways to increase your scores quickly if you have a little extra money to pay down your exisiting debts. Also, you only need 3.5% down if it is a primary. Rental properties if you are not going to live there require up to 30% Contact me if your interested in talking to someone local that knows how to help you improve your scores and we will work with you to make buying your first home a reality.

Thanks!

Morgan Camplin
0 votes Thank Flag Link Wed Jan 23, 2013
Are you looking to live in the Portland area? I just showed a home in the Bangor area that is exactly that...a rent with the option to buy.

Cynthia "Charlie" Quimby
Associate Broker
Realty of Maine
458 Main Street
Bangor, ME 04401
Cell: 207-270-0267
Email: charliequimby70@gmail.com
Fax: 888-779-4028
0 votes Thank Flag Link Wed Jan 23, 2013
Hello Julia,

It sounds like you are looking for a rent with an option to buy. They are available. There are many different options, and factors to be considered. For example how long will it take for you to increase your credit rating?
0 votes Thank Flag Link Wed Jan 23, 2013
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