I own a single family home for rent on West Glass Lane in Laveen that is currently vacant. It's a very nice 3 bedroom home, 1800 sq ft with two car garage. very clean and ready to move in. Washer/dryer included. Rent is $975/mo w/$975 deposit.
Contact Glenn at Hawk5791@ymail.com for more info
I am the homeowner, not a realtor.... more
From what I can tell, it looks like you may be the owner of the home? Are you looking for the condition of the market in Laveen? Here is a list of homes that are actively listed, under contract, or have recently closed in Laveen that are similar to your home: http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=zl2dln4nlnd&s=12&id=1&cid=1
Please let me know if I can help you with your home! I look forward to hearing from you soon!... more
Yes they do. If you are doing a loan modification, they have an underwriting department that is located in Arizona. Call everyday. They went through alot of reorganization and you have to stay on top of your file to get anything to happen.... more
I have never financed a take-out loan for anyone that successfully completed a rent to own deal. But maybe there were once unicorns; I just have never seen one…
Two Realtors told me about “buyers” that lost a total of $60,000 in rent to own deals that went bad last week. Trying to work around the system that is there to protect your rights is never a good move so be careful.
I know that underwriters must sign off on you getting a mortgage when the time comes to actually pay the seller in full. Do you know how they are going to interrupt your rent to own contract? They have a set of rules and it won’t matter what the contract says, the underwriter will follow the rules for the type of mortgage you apply for. If the contract doesn’t satisfy the minimum threshold for the mortgage you apply for the loan will be declined. Yeah, it’s that technical.
NMLS # 6395
Financing Kentucky One Home at a Time... more
They can charge you a credit check fee up-front, however it must be a reasonable amount, which $450 certainly is not. What they may have charged you for is the cost of the appraisal, which they often do up-front.
Are you sure they locked in your rate? If so, for how long? If you have not gotten the disclosures that John has described below, they are in violation if they collected the money from you, so you have a few questions that need answering here. Have you provided them with the necessary information to process your mortgage application? Have you spoken to the loan officer to ask where the disclosures are? You should definitely get more information from them about costs, although the GFE can have some inflated numbers on it, the important thing is the rate, and the costs that are listed in section A, as well as the cost of the appraisal and any other minor bank fees that are often not listed in A, such as tax service, flood certificate, and credit report. We include those in our box A, but many lenders don't. What is now called the origination charge is what used to be application, underwriting, commitment, doc prep, all sorts of bank fees that used to be itemized differently.... more
Wow, annadgu, sorry to hear of your situation. Sounds like you have a couple issues here...
First, it is illegal, based on the Fair Housing Act, to require a buyer to use the seller's lender to finance the purchase of the home. They can however, require the buyer to pre-qualify' with that lender. Check out Jay Thompson's blog on this very subject:
Second, did you have your own real estate agent representing you? What did they say about the sellers canceling?
If you want legal questions answered, you really need to get the paperwork to a real estate attorney to review.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!... more
Option to purchase is certainly another alternative. However, the question of what amount you pay for that option is still a concern. Some are as inexpensive as $500, whereas you might find that sellers/landlords are expecting far more because they might just get it. The question I would pose is how much such an arrangement is worth to you as the renter/buyer. If you have great credit and other qualifications, you might be just as well off expressing an interest in purchasing the property you rent and then moving forward with prequalification for a loan, which may give you the same advantage as if you had bought the option to buy -- it saves the seller time and money that would otherwise be spent marketing the property -- even if it doesn't give you the same contractual assuredness that you will be the successful buyer. In any case, if I were in your shoes, I'd want to make sure that I had the best options available for rental and then once again for purchase when the time comes. If you are extremely risk averse and simply dread the thought of moving again, however, perhaps this is a good arrangement upfront. But I reiterate my concern that you seek the best value for you personally and don't pay any unnecessary premiums. The Laveen market has been red hot with investor activity lately and rents have held fairly stable with prices finally beginning to stabilize. To me, this indicates less risk that pricing next year will change drastically -- yet speculative interest will almost certainly continue in this market.... more
The Big Banks are in the denial of loan business. Their vaults are full and really don't want or need to lend a dime to you. They are bellied up to the tax payer 'back door' revenue stream and can't be bothered with lending.
I have been an outspoken critic of too big to fail banks (just wait until you meet the soon to arrive 'too big to fail healthcare insurance companies) and a real advocate of local lenders.
Local lenders are those who support the area economy through small business loans and local mortgages. Many of these lenders have their own underwriters. Find an "A" or "B" graded local lender by entering your city name or zip code.
Be sure to tell them 'Annette' sent you.
Real friends won't allow their friends to do business with Chase, Citi, Wells Fargo or Bank of America.
Wishing you success in your home purchase,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727. 420. 4041
PS: Don't overlook local credit unions. They are the all-time winner of low cost loan origination fee.... more
first contact a mortgage person to see if you qualify. Then seek a realtor in the area you want to live in.
If you don't qualify you can seek owner financing-contract for deed-rent to own-seller financing. There is a link below for realtors who post there name for free.... more
Robert, I currently am working with two VA buyers; one is going through a fantastic loan program at Wells Fargo that has about the lowest VA loan costs I've EVER seen.
If you39;re still looking for a home and haven't chosen a lender yet or been pre-approved, send me an email or give me a call and I'll share the loan officer's name and contact info with you. I'm not 100% sure what the minimum FICO credit score requirement is, but it wouldn't take long to find out.
Century 21 All Star, REALTORS
Hi Maria, like Randy says, this home looks like it sold a couple months ago in May for $72k per: http://www.trulia.com/homes/Arizona/Laveen/sold/21692967-7046-W-Beverly-Rd-Laveen-AZ-85339 and who knows if that is even correct. It appears it was listed originally around $90k.
If you are looking for a home around a $90k sales price, then $30k/year of income likely will be enough as long as you don't have a ton of other payments. Figure the payment on a $90k sales price, with 3% or 3.5% down (FHA financing or conventional financing) would be $665-$715/mo. If you make $30k/year, or $2,500/mo, that is 28.5% of your income on the higher side, and that is fine for both FHA financing & conventional financing (31% is a good barometer to use for the housing portion of your debt ratio). Say you also had some car payments, minimum credit card payments, and a student loan, and every month the minimum required payments totalled $400/mo, your total debt ratio would then be 44.5% and that is very likely fine for both loan programs too (43-45% is good to be within).
I am not sure if those are your numbers, but just showing you how $30k of income and some monthly consumer debt payments relate to a $90k sales price in your area.
If you have more questions I'd be happy to answer them.... more
Did you intend to post this question regarding a specific property? There are community pools in Laveen, but they are for residents of their respective subdivisions. The nearest public pools are a few miles to the east of Laveen. Deposits and rental rates will vary by property. If you are looking for a Realtor to help find rental listings that meet your criteria, please let me know.