Hi. This is your lucky day. I just happened to be trying to get school education for some of my future buyers and I happened upon you question. I work with alumni of the Harvard business school who have raised money to purchase Bank Owned properties we then provide rent2own programs for qaulified future owners. We work with are future owners to help them purchase the home in 12-24 months but set the price today. Visit my web site at http://www.LifeChangeLending.Com or call me at 678 777 5626.

Hi Maggie,

I understand your frustration and wanting to take advantage of the current market. I think that you may need to speak to another lender just to make sure that you or your family don't qualify. Many banks are tightening restrictions but there are some that are still able to get tough deals done especially if you have money to put down. I suggest you speak with my loan person...his name is Marc D'Angelo with Wells Fargo. He specializes in first time homebuyers, tough credit and non-occupant co-borrowers (mom and dad). I'm sure that he is worth speaking to!! His number is 404-925-8291 or visit his website at http://www.MarcDangelo.net. Please call him and you will get a better idea of exactly what you need to do.

I specialize in foreclosures, short sales, fixers and affordable housing. There are many grants available to you as well in this market and you might want to take advantage of them.

I hope this helps,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@comcast.net

You are wise to take advantage of the market right now. Lease purchase is usually a good option if you are in a position to be able to qualify within 1 year. In year case, with 3-5 years to be able to qualify, that may not work. The only real option is owner financing. There are very few properties out there with sellers advertising that they are offering owner financing. However, that is because many sellers don't even know that option is available. Many sellers in this market when presented with a buyer who is ready and able to buy and only prevented by the ridiculously tight lending standards might agree to such an option; especially if they have all or most of their home paid off. The thing is, you might not get as good of a price because offering seller financing is compicating the terms of the sale and adding risk to the seller. Therefore, they will evaluate the whole package (price + risk and other concessions) to determine how low they will go on price. Therefore, you'd have a better time tempting someone to do owner financing if you were offering them a very attractive price for the home. There are some great deal out there now; but please don't get so cought up in the concept that buying is always better than renting. If your situation won't allow it, then it's better to rent than to overpay for a home or pay an extremely high interest rate to work around a bad credit situation.

Based on your mom's age (over 62) she might be able to qualify for a reverse mortgage loan (even when buying a new home), and if you are willing to move in with your parents this may solve your problem. If you would like more info, I would be happy to help you. Call me at 770.342.9294 or email me at seanaustin@remax.net

Maggie, your best options are going to be owner financing or a lease purchase. You do need to beware as there are some sellers offering owner financing or lease purchases that are not sellers just offering options to help sell their home but investors looking to take advantage.

I always recommend that all potential buyers take a look in the mirror for a reality check. Meaning what will your credit and your income realistically look like in 3 to 5 years? Are you really going to take the steps to improve your credit and keep your credit clean? And are you going to save for a down payment for when you are eligible to obtain a loan? How are you going to prove your income?

Lending requirements are very tight and stated loans do require money down these days...upwards of 20% and an excellent credit score. I recommend that you keep a close relationship with a lender that can guide you along the process. And there are Realtors that can help you with owner financing and/ or lease purchases.