Property Q&A in Orlando>Question Details

Judy Wheeler, Home Buyer in 32805

I will not qualify for a traditional mortgage for up to 2 yrs, should I offer a lease to purchase? How do I?

Asked by Judy Wheeler, 32805 Thu Feb 19, 2009

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This question is about this property: http://www.trulia.com/property/photos/1059845789-2728-Sunbra…

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Hi Ms. Wheeler,

I don't want to assume that you don't qualify for a traditional mortgage because of your credit. As a seasoned mortgage professional, I understand that there may be other factors that affect your ability to obtain a mortgage at this time. Unless you have experienced some significant event, there are lenders that will do loans with score as low as 540.

I expecially enjoy working with buyers who need a little help. I also offer credit counseling. Let my expertise help you purchase or prepare to purchase a home in the near future.

I would be glad to speak with you to discuss whether I can offer you another option to leasing.

Sincerely,
JACQUELINE L. CLARKE
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group, LLC
Winter Park, FL 32789
Direct: 407-739-3853
1 vote Thank Flag Link Thu Feb 19, 2009
Judy,

Remember if the property is distressed (short sale / foreclosure) it's next if not impossible, your best bet is a non-distress property the owner owned before the big price run or a home the owned put a lot of money down. Mostly you will find people need to sell before they can buy due to loan criteria.

I've placed a few over the last few months and we were able to work around some problems.

Let me know if I can help, also the mortgage company I use can work with you to fix your credit and they don't charge upfront fees.

Visit my website and if I can help please contact me,

Dave Lowe, broker
GRI – ePRO – GREEN (Designations) http://brokerdave.topproducerwebsite.com/daves-designations.asp
Two4One of Orlando (Orlando Website) http://two4oneoforlando.com/
Two4One.com (Corporate Website) http://two4one.com/
Customer Testimonies http://brokerdave.topproducerwebsite.com/customer-testimonial.asp
Dave’s Bio http://brokerdave.topproducerwebsite.com/daves-bio-.asp
Web Reference: http://two4oneoforlando.com
1 vote Thank Flag Link Thu Feb 19, 2009
Hi Judy -- Seems to me you have a couple of options, not the least of which is to just rent for awhile, save up your money and repair your credit. If that one isn't to your liking, you can do a lease purchase or a lease option. There is a very good explanation of these two different types of "sales" at http://homebuying.about.com/od/financingadvice/qt/091007_lea… . As you can see after you read through this, there are different ways to structure the deal. I would advise you to work with an agent who has experience or knowledge with these, since they can be a bit tricky.

Hope this has helped. If I can be of further assistance, please call me.

Louise Warring
Coldwell Banker Residential Real Estate
0 votes Thank Flag Link Thu Feb 19, 2009
Hi, Judy:

Many sellers today may not be willing to entertain a lease purchase. A word of caution - you need to be aware of the owner's financial position. A number of owners are in a pre-foreclosure process which may cause a problem for you. Be careful of the non-refundable down payment that may be required. It would be a good idea to contact an attorney to assist you with the lease option as well as researching the stability of the property owner.

If I can be of assistance, please do not hesitate to contact me.

Tami Leliuga
Prudential The Property Place
407-948-0540
0 votes Thank Flag Link Thu Feb 19, 2009
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