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Fleming County : Real Estate Advice

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Activity 5
Mon Jul 11, 2016
Maricris A answered:
Hello,

To post your home for sale by owner on Trulia, click the link below and select “Submit listings for sale.”

http://www.trulia.com/submit_listings/

You will be redirected to our partner site, Zillow. Once you’re on Zillow’s posting page, please make sure to select “For Sale by Owner” under the address field. Once you activate your listing on Zillow, it will appear on Trulia within 24 hours.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/


Regards,

Maricris
Consumer Care Advocate
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Tue May 7, 2013
Trevor Curran answered:
Good afternoon Hope,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Mon Aug 29, 2011
Shane Milne answered:
Even though you don't have any credit scores or credit, you can still qualify if you have enough non-traditional credit. Non-traditional credit is just like what John Burke said, items that do not traditionally report to your credit report but are still forms of credit. I wrote a blog post (the web reference) which explains what types of non-traditional credit can be used, how many of them and how long you need to have them for, and what documentation you'll need in order to show a lender you have enough non-traditional credit to qualify. The general rule of thumb is you need 3 forms of non-traditional credit at 12 months each.

FHA financing is one of the more popular loan programs that will accept that type of credit, and just requires 3.5% down. USDA Rural Housing financing also will accept non-traditional credit, and is 100% financing, but most mortgage lenders will want you to have credit scores & traditional credit... but with USDA, you can actually apply Direct with USDA and do not have to go through a mortgage lender. The catch is your household income (everyone in the house's income) must not exceed income limits which you can find at http://www.rurdev.usda.gov/SupportDocuments/KY%20Direct.pdf (is increases per every person who will be living in the home). The person you'd want to speak to for the Direct USDA program in your area is:

Bruce W. Barnes
Area Specialist
(606) 845-2851 ext 4
13 MEADOW LN
FLEMINGSBURG, KY 41041-9696

Let me know if you have any further questions.
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Wed Jul 13, 2011
Dan Tabit answered:
Wayne,
Your lender will help with that. When you first sit down and explain your situation and goals, they will let you know what programs may be available for you. Much of it will depend on your credit, some credit is non-traditional, other considerations will be your down payment, job times etc.
Depending on your timing, it may be possible to get some traditional credit established. A credit card with your bank, even a secured credit line, may be a place to start, but talk to a lender first.
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