Home Buying in Orlando>Question Details

Bobbie, Renter in Texas

I am wanting to buy a house in orlando before summers end but have bad credit (currently working on it) I

Asked by Bobbie, Texas Tue Jan 27, 2009

think I might have to rent to own since the process of fixing our credit could take a looong time. Is there anyone out there who can help me find a rent to own before summers end so I can get my kids stable before the new school year?

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The first thing you should do is to contact a good mortgage person. One that goes the extra yard for you. They can help structure an offer and a mortgage that will work for you.

Don't be intimidated by less than perfect credit. A good mortage person will look for the solution that rights for you. I have one that is loved by his clients for doing exactly this

Ramon Polanco
1 vote Thank Flag Link Tue Jan 27, 2009
Ramon is right!
Contact a Mortgage person and inquire about credit repair and counseling. From there you can move forward toward home ownership.
0 votes Thank Flag Link Tue Jan 27, 2009

Rent to owns are out there just be carefull of the signs on the street corners, I have in the last two months placed 3 future buyers in rent to own properties for various reasons, it can be done.

Click on the blue Broker Dave above my picture on the right side and send me an email with you details or visit my website:

htp://two4oneoforlando.com and send me an email there.

Thanks and welcome to Orlando,

Dave Lowe, broker
GRI / ePRO / GREEN designations
Search Central Florida Coast to Coast: http://www.myfloridahomesmls.com/davelowe
My Bio: http://brokerdave.topproducerwebsite.com/daves-bio-.asp
Customer Testimonies: http://brokerdave.topproducerwebsite.com/customer-testimonial.asp
Web Reference: http://two4oneoforlando.com
0 votes Thank Flag Link Tue Jan 27, 2009
Rent to Own? May I start here,? On a scale from 1-10, 10 being the very best credit ,where would you say you rank? An owner on a rent to own could still ask to see your credit. Rent to Owns are tricky and a bit difficult to put together in todays's market. Not saying it cannot be done, just a bit of thinking to do here.

What area of town were you thinking about? Do you have a neighborhood or school you prefer? Rent to owns are typically investors that are currently renting and want to work out something for you to own and they typically require a pretty big down payment which brings me to my next question, What amount of cash would you have saved up as a down payment? The more the better of course.

Rent to Owns are riskier for both parties so that is why they usually require more money up front. As for you, you will need to think about renters insurance among other costs and the possiblity that in a year or two, when you do qualify for a loan, what will the value of the house be? Could it drop in value from what you agreed to pay this year? What happens to all the money you have paid the owner toward the down payment over the years? Banks usually require that you pay "market rent" fair rental and then ADD additional dollars to be set aside for the down payment. This is part of your qualification for the eventual loan.

Sound confusing? It is and I do hope you think about thiscarefully and get the advice of professionals in all areas of this before you jump into it. You will need mortgage advice, inspections, tax advice, Realtor advice, tenant rights and possibly an attorney involved to protect your rights. I am sure you do not want to lose your money? Oh, I almost forgot, what IF by chance the owner then takes all your money and decides he does not want to pay his mortgage and the home goes into foreclosure while you are in it suring this time ? I do not think the bank will recognize your lease to own contract, this is where an attorney comes in for advice or perhaps you will need to hire one at this point. I would get an attorney upfront. More cost.

I know we do not like to think about things in this way, but it happens. I am sure there may be some very honest and good owners out there that may be willing to work with you and your family. I for one would be happy to try and help you locate that owner and home, but before we jump into it you have to know the pitfalls and make sure you protect yourself and are ready for the challenge. You do deserve a nice home for your family and I congratulate you on working on that credit. It is the first step. Just Think about what I have said here.

I invite you to visit my website if you would like more information or help on your search.

Gay Middleton
Realtor/Sales Specialist
Web Reference: http://www.gaymiddleton.com
0 votes Thank Flag Link Tue Jan 27, 2009
I owned a credit repair company for 10 years lectured to 1000's. Repair your credit if debt is less than 2 years old can be battle, unless you agree negotiate the debt. Improve credit scores you can lower debt ratio increase your credit scores, paying bills timely, never close a credit card account, any collections try to settle pennies on dollar request pay off creditor delete from credit report HOWEVER obtain all in writing. With a good credit repair company it takes approx. 90 days improve credit BASED on general rule. All consumer credit reports are very different.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 27, 2009
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