1. Make sure you get a long lease
2. Make sure your record the option at the county recorders
3. Put as little down option deposit as you can
...and much more.
You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
The purchase in 92804 zip code of Anaheim start from 169k for 2bd 1.5ba condo, 259k for 3bd 2ba condo and the single family homes start from 315k for 3bd 2ba home which is as low as $1,575 down payment with a minimum 580 fico score @315k. If it is a REO foreclosed home that needs repairs you may choose the 203k purchase loan to renovate from a minimum 580 fico score.1ba
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
If my response was helpful, consider clicking Thank, Link or Best Answer.
That can be a great option for you to get into owning your home, if you cannot qualify for traditional financing. There are other ways to finance purchasing real estate.
Call me and I will tell you what I know. 657.234.5777
as owner occupy FHA buyer shall have FHA203k with it other than that will NOT be qualify for the subject property.
If you looking for Lease Option to Purchase, I need to know what kind of Option Money we talking about and what area??
Joanna Kim@ 714-606-2889 Mobile
Multi -Million Dollar Producer
Certified Short Sale & REO Specialist
Residential, Commercial ,Conversion & 1031 Exchange
Evergreen Real Estate Group
468 N. CAMDEN DR., BEVERLY HILLS, CA 90210 PH# 310-8605689
13047 ARTESIA BL SUITE#C106., CERRITOS, CA 90703 PH# 562-483-4466
3020 OLD RANCH PARKWAY SUITE #300., SEAL BEACH , CA 90740 PH# 714-912-9198
Member of NAR, CAR, NAHREP, AREAA
National & California Association of Realtor
Asian Real Estate Association of America
National Association of Hispanic Real Estate Professionals
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The advice you have been given from all the Realtors who have responded to your question is excellent. Are you looking to buy or lease a property at this time? If you are interested in doing either, I would be happy to you.
With Warmest Regards,
Windermere Real Estate SoCal
Is it a good idea? Seldom!
Here we go again with a gimmick to get people in a house that they cannot afford.
The Buyers are desperate, (or in love with being HOMEOWNERS) and the Sellers can take advantage of it:
The Seller can dictate the terms of rent and the Option, they can give them an Interest Rate of 7-8-9% and the Buyers don't realize what's happening: If they cannot fulfill the Option in 3-5 years, they stand to lose all the Escrow money and the house. If they do fulfill it, they could be stuck with a bad loan.
And who is protecting their interests?
In a declining or steady pricing real estate market the lease option is Not such a good idea, especially since you'd be putting up Non-Refundable Option monies. In this type of market, get into a lease if you have to with just the clause of "First Right of Refusal", no option monies required, just 1st, last & security deposit or 1st & security deposit. If you REALLY want to buy it in a year, per the owner wishing to sell, you have 1st dibs!
If you are looking for a home in Garden Grove, I live nearby & could help you find a place.
If you are going to look for a rental, please read my 2 blog postings here on Trulia called "RED FLAGS - RENTAL SCAMS - PUBLIC BEWARE". This will aid you in your search & you'll be less likely to get scammed.
Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtor
There is a lot of information on the link below. I hope my observations keep you away from harm, good luck.
NMLS # 6395
Financing Kentucky One Home at a Time
As Tina said, rent-to-own is an option that's available. Typically, there is a hefty upfront payment and the monthly rent would be higher than typical with some of it going towards the downpayment each month. You said "I have been seeing homes listed under this option". Where are you seeing these listed? BEWARE if you're seeing these on Craigslist - there are many scams listed there. Also beware if you're seeing "Bandit Signs" - those are the yellow or white signs near freeway entrances and exits. Someone advertises what seems to be an awesome deal, the "rent" seems reasonable or even below market, and it's really easy.... They take your upfront cost and hand you keys. THEN you discover the keys are useless becasue the person who rented you that house is really not the owner - they do not even know the owner! They just took your money and now you have no where to live.
There are not very many true Rent-to-Own properties around. It would typically have to be a home that is owned free and clear / without a mortgage. If there is a mortgage on the property, there would likely be a "Due on Sale" clause in that current mortgage. That means, as soon as the "seller" signs that "Contract for Deed" over to you, their mortgage becomes due-in-full to their mortgage holder and unless they can pay it off in full, they will be in default and could be foreclosed upon.
Also, beware of sellers who are in foreclosure. They are trying to find a way to hold off a foreclosure and your upfront money is going towards their past due payments. (Desperate people do desperate things)
Whatever you do, either use a Realtor or an attorney to make sure you are not "taken".
Best of luck !
It's a legit real estate arrangement. The key is to have the right terms to protect yourself. Have a local agent help you review the deals available so you don't get caught in one-sided deals, which can happen even in legit offers.