There is way. You would have to locate an investor who would buy the house. Then the investor would set up a lease purchase / rent to own / land contract agreement with you.
Typically this would involve an upfront non refundable deposit paid to the investor plus a rental agreement of some duration (1-2 years) . At the end of the rental period you would need to qualify for a regular mortgage or continue to rent. You run the risk of losing yoru deposit if you cant qualify for a mortgage.
Or the investor might agree to provide you the mortgage at a higher interest rate.
In the long run, your best situation is to rebuild yoru credit, save for a downpayment and qualify for an FHA loan... more
Most likely the answer is yes. Most mortgage companies will not provide a residential loan on a property that is zoned commercial and has never been used as residential. Your best bet is to try and work with a local lender (bank) and not a national lender for this specific of a loan. Always consult a liscenced mortgage lender for their advice.... more
The credit score shows how reliably you pay bills and loans and many mortgage products have minimum credit scores for qualification purposes. Its the lenders way of performing a risk analysis on the potential borrower. FHA requires a 620 minimum. Hope this helps... more
Our home is two bedroom, but could be made into three and we would be willing to do rent to own. Please let me know if you would like to come see it. It is in the Westmont School District.
My email is firstname.lastname@example.org... more
Some counties have down-payment assistance. Montgomery County is one of them.
The second option is a PHFA loan but interest rates are currently much higher than FHA.
You can also do USDA if you are looking in a more rural area.
Call me and I will let you know what is available.
267 992 7276
VOTED BEST OF BUCKS 2010... more
You can give me a call at 814-244-4281. And I can try & help you out. But we cannot steer buyers to one neighborhood or another.
I look forward to hearing from you.
Shannan Yarnick-Louder... more
Trulia does not accept for-sale-by-owner listings so that's the reason the site won't allow you to post your house. Only real estate agents/brokers can list homes for sale on Trulia.
However; Zillow.com and Craigslist.com will allow you to post your home. If you work with a real estate agent then he/she can give you the largest amount of exposure out on the internet. Something to consider...
Good luck selling!
Prudential Connecticut Realty... more
Talk to your lender right away. If you are still saving up for the down payment have you considered closing costs, prepaids or reserves? Before you write an offer, make certain you have covered all the issues necessary to close.
Assuming you have these addressed and are 100% positive you'll have the down payment in 2 months, consider your request for a long closing a seller's concession. Seller's generally want to close in 30 days or less, depending on their situation. Sometimes, they are okay with a longer close, but they want a solid pre-approval letter, good earnest money and a strong offer.
Have your agent ask the seller's what type of terms they are open to. Sometimes a longer close is preferred as long as all other terms are strong.... more
Barb: I would encourage you to rent if you know you are only going to be there for two years. Unless you are interested in holding the property as an investor after the two year period. In more stable times my advice might be different, but there are still many question marks economically right now. It is a great time to buy with lower prices, and low interest rates, but only if you are buying for the long term. There are still a couple of shoes to drop in housing, and two years may not be enough for those ramifications to clear for you.
I am doing my best to make sure all of my current buyers are thinking they will stay in their properties for at least 5 years. Depending on how much further prices go down (and they will), even after 5 years there is a chance they will only break even after you factor in the costs to sell. If they are thinking less than that I am trying to make sure they are willing to hold the home for a while as an investment.
Also, I am not an accountant, but it is very unlikely that it is a good idea to pay all cash for a home right now as far as your overall financial picture goes. With mortgage rates this low, once the financial market stabilizes you will make more on that money if you invest it elsewhere than you would by avoiding interest on your home. Again, I am not an accountant, but have heard them give that advice many times.... more
It is always appropriate to ask such questions! Situations may have arisen that makes it more suitable for the current seller to rent the home!
As a buyers agent, we always recomend that anyone interested in renting that is having trouble finding rentals, to look to current listings for possible rentals.
Some agents may know right away if their seller would be willing to rent, while others may have to make a quick call to see if the sellers may do so.
I am not from the Johnstown area, but would suggest searching the areas with regards to pricing, size, etc....then making a list and get to calling. You may get lots of no's, but that one yes may have you feeling pretty satisfied in the end!... more