When you want to buy a home the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.
Best of luck!
Before you make a big nonrefundable deposit on a lease option you should become an expert on how a lender must treat the deal when it comes time to pay off the seller, it will not be what you expect. No one ever follows this advice, probably explains why so few of these puppies ever end up with the â€œbuyerâ€ owning the home. I think I have only cashed out one of these bad boys in the last two decades and even that one did not go as the buyer expected, not pretty.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
Unfortunately without more details you could have 10 people answer your question, get 10 different answers, and none of them would be accurate.
The interest rate you can qualify for is based primarily on 3 things: Your credit score, your down payment, and your employment (income). Also, whether or not you intend to live in the home (as opposed to renting it out)
In general, the lower the credit score and down payment, the higher the rate will be and vice versa.
We are a national lender and work with a lot of buyers such as yourself. I'd be glad to provide you a detailed quote based on your personal qualifications. it takes 10 minutes over the phone or via email.
I am not to fond of working with buyers that want rent to own contracts, to be very honest with you. The problem is that so very few of these deals ever work out and we get paid ONLY when we sell something. I would not mind waiting a year to be paid, if I know it was coming 100% for sure. Rent to own, aka land contracts, only work out 15-20 % of the time and I bet these days it's not 5% that do, so all our work will be for free and I don't like to do that.... more