Home Buying in 30809>Question Details

Rose, Home Buyer in Appling, GA

If renting a home in the Evans area requires a good to excellent credit rating, why would anyone chose to rent? They could buy a home for a lot less?

Asked by Rose, Appling, GA Sat Aug 6, 2011

Looking at owner finance / lease purchase / lease options on homes in the Evans/Columbia/Appling area. Excellent payment history with a stable job as a RN with the same company for over 15 years. Unavoidable circumstances currently prevents financing. If you would like to know more or assist me with buying a home, please contact me. Thank you very much... for answering the question.

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Owner financing can be advantageous to both buyer and seller. Once my husband and I gave finacing to a buyer for 3 years. We amortized the loan at 30 years, which means that for those 3 years we received nothing but interests on the loan. At the end of the 3 years there was a ballon payment on the note. They were able to qualify for financing then and we received our full amount. It was a great situation for both parties. There are homes where the seller offers one or more of: owner financing, lease purchase or lease option. Some sellers may not want to deat with any of these arrangements but some do. If it is not offered in the listing, I can always ask for you to see if the seller would be willing to do it. I also know of a bank that can make decisions about qualifying you for a loan without having to follow strict guidelines. I recently met with one of the loan officers to apply for an investment loan and he was explaining that they get creative to try to qualify people who may not have terrific credit scores. This was an answer to my comment that many of my customers recently had not qualified to purchase because of low credit scores. He said his bank can take into consideration other credit history, such as timely paid accounts, in place of low credit scores.
0 votes Thank Flag Link Sat Aug 6, 2011
Rose I currently have a home for sale in the Grovetown area with a lease purchase option, the home address is 745 Michelle Ct and it is in the Pamir Place Subdavision,if you are interested e-mail me at 1gscott@comcast.net or call me at 706-421-4904, I am willing to work with you any way that i can. You can go to http://www.donatellaarmstrong.com to see pictures.
0 votes Thank Flag Link Wed Aug 10, 2011
A person may not be able to buy, in spite of having excellent credit. He (she) may not have enough money for a downpayment and/or a closing costs. A one month's rent-deposit is definitely less than the two items I just mentioned, in most cases. Also, depending on what is available for rent, he (she) may be able to rent for less. A buyer's agent can help the buyer look at the different possibilities and make an informed decision.
0 votes Thank Flag Link Mon Aug 8, 2011
Every consumer is different. Sometimes people with excellent credit scores cannot buy or chosse not to buy for a number of different reasons. It's about timing. In this market, some homeowners rent their homes out for less than their mortgage payment, so it isn't always true that you can buy a house for less. Lease purchases can be good alternatives for persons who want to buy, but can't at the moment. The lease term could be short or long depending on the circumstances. Credit repair can be a qick process or a long process. Truthfully,if you want to buy a home you need a plan and a lender and a realtor who can work with you to realize the plan in order to buy no matter what your circumstances are.
0 votes Thank Flag Link Sun Aug 7, 2011
L. J. is right that home owners looking to JUST rent the house will look at the whole person! However if your goal is to BUY vs. rent and if you are interested in HOW - I would like to give you the tools and information you need to make this happen :) Christine May 706-869-9478 (sorry about my typo in my last post its Augusta Mortgage Solutions)
0 votes Thank Flag Link Sat Aug 6, 2011
Hi Rose. There are homeowners that will look at the whole person,not just the credit score. I am a realtor that works Columbia County and I'd be happy to help you. I cannot contact you directly, but you can call me at 706-533-6473 or email me at l.j.novak@comcast.net and let me know what you are looking for and we can start there. Anything we discuss is completely confidential. I look forward to hearing form you.
0 votes Thank Flag Link Sat Aug 6, 2011
Hi Rose: Many times buyers think that they can not purchase ... often because of a lower credit score. Fact is that you can take steps to get your score up. Over the last few months several of my buyers with mid 500 scores were able to get their score up high enought to qualify for a loan within 2-3 months (it just depends what causes the low score) You may want to check with Janice Whitfield of Augusta Mortgage Soltuions 706-860-5514 http://www.AugustaLoanStore.com - to get a CREDIT SIMULATION that will tell you what steps to take. Please be carefull with "owner financing" - unless the house is PAID for -" but I won't get into that topic in this post (I'll be glad to talk to you about owner finance vs. lease option etc.... What monthly payment are you looking for? Please also visit my website to search for homes http://www.AugustaHomeStore.com Christine May 706-869-9478 Exit Realty Leading Edge.
0 votes Thank Flag Link Sat Aug 6, 2011
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