Asked by Lakysha Barbour, Norfolk, VA Fri Nov 11, 2011

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Drew Hitt, , Virginia Beach, VA
Fri Nov 11, 2011
You'll want to look for owner financing or rent to own properties that are available. In those cases credit isn't the leading factor, it's more based on income and money you have available to put down.

Rent to own properties are in very limited supply and in very high demand in this market. Buyers cannot qualify so there is a large demand for non-traditional home selling.

We offer rent to own properties. While our properties are typically in Virginia Beach or Chesapeake we sometimes have some in Norfolk.

Check us out if you wish.
1 vote
Vickie Young, Agent, Virginia Beach, VA
Fri Nov 11, 2011
Yes Lakysha,

I am actually looking at listings in which the current owners are willing to hold the note. Therefore, the buyer does not have to secure financing with a mortage company. Please call me at (757) 513-0066.
1 vote
Wilma Clay, Agent, Norfolk, VA
Fri Nov 11, 2011
Hello Lakysha, It depends on a few other things. A loan officer just sent me a flyer saying that a person with a minimum score of 560 could get a 90% loan. If you have some money saved, there is a good possiblity that you can purchase a home.

Good luck,
Wilma Clay
Beacon Realty
1 vote
Lakysha Barb…, Renter, Norfolk, VA
Sun Nov 13, 2011
I thank you all for your great answers. I'm just going to continue my search very carefully.
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Sat Nov 12, 2011
Rent to own or lease options are a very common buzz topic these days. They are usually a work around for people that are having trouble qualifying for a loan with a lender. They can be a good method but they can also spell disaster for the “buyer” because they are not regulated like ordinary mortgage loans. This year alone I have seen a couple of people loose over $50,000 each and several others loose $10,000+. It is important to understand it raises the risk for a buyer to use these methods. Not saying they are all bad, just important that you understand the risks, there are a couple of entries on this subject on my blog, see the link below. Hope the info protects you.
0 votes
Don Tepper, Agent, Burke, VA
Sat Nov 12, 2011
As a couple of others have already said, you can consider lease-option and lease-purchase properties. Just one point of clarification, though. A lot of such properties aren't listed that way on the MLS. They may simply be listed for sale, for for rent. Often, you have to make an offer that turns it into a lease-option or lease-purchase. (It's just like any other offer you'd make: You propose the terms and conditions and the seller can accept, reject, or counter.)

Here's a link to a blog I wrote on how to find lease-options:

Hope that helps.
0 votes
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