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Rent vs Buy : Nationwide Real Estate Advice

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  • Local Info60K
  • Home Buying261K
  • Home Selling44K
  • Market Conditions26K

Activity 1,426
Thu Mar 16, 2017
Simssasha6 asked:
Thu Mar 16, 2017
Kathy Burgreen answered:
Rent to Own is a scam and the worst thing for people like you. You will need to sign a contract that states you will pay a large upfront deposit + the regular month rent + a premium amount every month. The premium amount goes towards the purchase of the home and the deposit is to secure your interest in the home.

However, the negative side is after the rent term is finished and you do not buy the home, you lose all the money you paid because the seller / owner keeps it all. The contract states there are no refunds and you will lose thousands of dollars. You need to know that the seller /landlord is still the owner and retains the title so after the rent term is finished, if you do not qualify for a mortgage loan, or if you change your mind and want to buy a different house - well, the owner will keep all your money and will not sell the house to you. Yes, the contract does say this.

Face reality - you need to continue renting, save your money and improve your credit. Then apply for a loan and buy a house the regular way. Sorry, but you need to think - why would a seller get involved in Rent to Own unless they can make a profit and earn money from foolish people like you.
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Thu Mar 2, 2017
Rachelavalos25 answered:
My is Rachel Avalos and i have bad credit and i also have an eviction on my record I'm staying at a friends house in the living room floor with my family i have a daughter that is about to have her baby by the end of the month if you can please help us my number is 480-548-2120 I really would appreciate it thank you or you can email me at Rachelavalos25@gmail.com ... more
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Thu Feb 23, 2017
Terry Bell answered:
Lease Options are usually offered by sellers when the market is slow and the seller is willing to either do owner financing, or wait till the market improves and lease to you in the meanwhile. Right now the market has picked up, and you are unlikely to find any situations like this. I am recommending that you consider a starter condo or a manufactured home and build up some equity. Right now there are some grants towards HOA dues to help out! ... more
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Wed Feb 22, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

You can get a mortgage with as low as a 580'credit score. If your score is below 580 there are ways to get your score up quickly.

There are a lot of programs available and most require a very low down payment and even allow you to roll closing cost into the loan using a sellers concession.

I can lend nationwide and I'm avialable almost 24/7.

If you have any questions or would like help with this you are welcome to contact me.
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Mon Feb 20, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

If you would like I may be able to help see what you would be pre approved for ?

We have programs that you can qualify for with as low as a 580 credit score. I can lend nationwide.

You can contact me through my profile if you have any questions or would like help.
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Thu Feb 16, 2017
Ernest Avery asked:
I AM WAITING ON MY SSDI WHICH I HAVE BEEN APPROVED THEY SAY END MARCH OR APRIL FOR BENIFITS TO BEGIN I DO GET PAYED FOR THE MILITARY FOR MEDICAL CONDITION PLEASE CONTACT ME AT (401)206-8659…
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Wed Feb 8, 2017
Michael Nolen answered:
Hi Wayne,

It seems you've been thinking about buying real estate in Ocean City, MD for a awhile. If you're really considering your options, you should be patient and get a feel of the market. The best way to accomplish this is to start getting listing notifications that are tailored and continually modified as your interest change. You should work with a Ocean City, MD RealtorĀ® to help you.

You should also start touring properties. Visit open houses, ask questions to your agent, and visually see your future home.

Your best action is to start getting connect with experienced local resources. I'd love the opportunity to guide you to own a beach place.

Great post!

Michael Nolen, RealtorĀ®
Condominium Realty, LTD
(410) 390-2032
(410) 524-6400
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Wed Feb 8, 2017
Ernest Avery asked:
prefere rent with option to purchase in Johnston ri 02919 have my certificate of eligiabilty from the veterans affair for housing, please contact me at 4012068659 or email avery698305@yahoo.com,…
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Thu Feb 2, 2017
Staceylee55sss answered:
How does the rent to own home program work in calif, ie credit score time allowance down payment,ect.
1 vote 7 answers Share Flag
Tue Jan 31, 2017
Luz Herrera answered:
Hi im looking for a 3bedroom apartment in the Bronx with cityfeps program it pays 1956 and i also have an income of 2011 monthly please feel free to contact me at 3473407224 or at Lucyherrera7409@Gmail.com
Thank you
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0 votes 4 answers Share Flag
Mon Jan 30, 2017
Meena Gujral answered:
Hello Janet,

Yes, you can search multiple locations at once. I would suggest that you find a good Realtor in your area and tell them what you are looking for; price and criteria. Let the agent set up the search from the local MLS and you can get properties as they come on the market

Meena Gujral
Broker/Realtor
Help U Sell Achievers Realty
Full Service, Big Savings. The Experts Next Door
925-425-9491
BRE# 00950378
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0 votes 2 answers Share Flag
Mon Jan 30, 2017
Sheryl Arndt answered:
The sellers pay the agent fees. Lease with option to buy are risky and usually require a 10% or more non refundable deposit as well as other fees. You may already qualify for traditional FHA financing with 10% down from a minimum 500 fico score.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

The purchase in 91730 zip code start from 172k for 1bd 1ba condo, 200k for 2bd 2ba condo and the single family homes start from 305k for 3bd 1ba home.

Do you have down payment and closing costs or do you need down payment and closing costs assistance? You would need a minimum 620 fico score to qualify.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 2 answers Share Flag
Mon Jan 30, 2017
Sheryl Arndt answered:
Hello Janet, sorry that no one answered you quickly. Is Fairfax the only city of interest or are you considering any other cities? It may not be easy to find many choices to consider.

The rentals in Fairfax start from $1,750 for 1bd 1ba and from $2,050 for 2bd 1ba apartment and they don't mention pet policies. The inventory is quite low. You should check with the local rental management companies.

The purchase in Fairfield start from 775k for 2bd 1ba single family home as the inventory is quite low currently.

You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.

You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Thu Jan 26, 2017
Barbara Johnson asked:
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