thesouthener…, Home Buyer in Saint Petersburg, FL

how would i find rent to own properties for St. Petersburg Fl. Do realators have info or a website.?

Asked by thesouthener00, Saint Petersburg, FL Sun Apr 14, 2013

i recently tried too get a loan through my credit union and was hit with a 15 percent down. I have a credit score of 646. I have never owned a home but was wondering if there was a soulution.Im looking to have total out of pocket cost of around 7,000.

thanks Darren

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Based on the information you have shared I recommend that you continue renting for a while longer. Most lenders require a 20% down payment so your Credit Union's 15% requirement is very good. However, you have only $7000 out of pocket which includes down payment and closing costs. A Lease to Own property would still have financial requirements plus the seller may ask you to assume responsibility for upkeep of the house including roof, A/C etc. Only a small percentage of your "rent" would go towards the purchase of the house. As much as you want to own at this time I do recommend that you hold off and in the meantime search for City, County, State or Federal financial incentive programs that may help you. Also connect with a Realtor now that will advise you of what is on the market so you can see what it out there and what you can get for your money. Also when you are ready to make the move be sure you have a good lender. I always recommend Mortgage brokers because they have many financial products (representing several or many different lenders) whereas banks only have their own loan packages to sell you.
0 votes Thank Flag Link Thu Apr 18, 2013
Darren you must also know this. In a rent to own situation, you are still mostly renting and only applying a small portion of the rent to "buying". It makes for the long way to home ownership. In the MLS, they are called LEASE PURCHASE or LEASE OPTION and there might be 5 listed for 3 counties. It's just not common. A lease purchase is where you lease but commit upfront that you will purchase the house. A lease option is where you are given the option of purchasing the house at the end of a specified time frame or end of the lease. Both require a contract to be drawn up and would be done so by a lawyer because it falls outside of what a Realtor can do for
you. A better bet would be to have a Realtor look for properties that are seller financed. You can do 3.5% down via an FHA loan or 3% down via a HOMEPATH mortgage. Go to Homepath website and check it out. The loan is done through a lender. Homepath does not require MORTGAGE INSURANCE so your monthly payment would be less. Homepath will also roll some of the closing costs into the loan. Keep in mind that on a $75000 house, closing costs could be $5000 to $8000 depending on the lender. Shop around and double check the lender fees.

Barry Smith
Excellent Service Realty
0 votes Thank Flag Link Mon Apr 15, 2013
Darren,
You have made a good first assesssment.
Overwhelmingly those yards that have signs advertising "Rent/Lease to Own" are traps waiting to victimize those believing they can circumvent the qualification process.
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Contacting a real estate professional is your best alternative. Agents who understand there is more than two ways to sell a home will know how to approach homeonwers and investors who own the real estate you are looking for. Agents understand their survivial in this business depends on you referring your friends to them. Knowing this, they are highly unlikely to place you into a predatory situation and more likely to create the win/win environment you want. Avoid the signs in the yard, call a professional

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Mon Apr 15, 2013
Hi Darren - go to my website

http://www.billhallmanteam.com/findrentalrequest.aspx

and fill out the online rental request form. I will send you lists of rental properties for you to review. When you find one that interests you I will help you make the arrangements to view them.

Bill Hallman
0 votes Thank Flag Link Sun Apr 14, 2013
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. Rather, why not consider saving some additional money, FHA loans require 3.5% down; also consider shopping around....
0 votes Thank Flag Link Sun Apr 14, 2013
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