I wasn't sure of your desired price range or other requirements for a home (e.g., # of bedrooms, etc),
so it's difficult to provide concrete examples. I do know of some houses (one in Scotch Plains and
one in Westfield are 2 examples) that you can rent now,
but the owner is indeed interested in selling, so some sort of arrangement can potentially be worked out.
But let's go back to the issue of a down payment -- indeed the pendulum has swung back in the
direction of lenders wanting larger down payments (many prefer 20%). However, there are
still lenders and programs that will consider applicants with less money down (if all your
other financials are in order -- e.g., good FICO score, good employement history, etc). For example,
FHA mortgages are being considered by many borrowers because of the lower down-payment
requirement -- as low as 3.5% down. This may be worth looking into to see if you qualify.
When you factor in the First-Time Homebuyer Credit, you may be able to make a purchase this year.
If you do not currently have an Agent, please contact me and we can discuss your options in more detail.
Prudential New Jersey Properties
I do not see any that are specifically rent-to-own, in those towns, but there may still be options that would allow you to purchase with very, very little money down that you might be able to recover at the closing with what is known as a sellers concession, where the seller gives you a portion of the purchase price back. Depending upon your credit, this may yet be a very good time for you to buy! There is also the homebuyer tax credit to consider. Why don't you give me a call at (973) 420-1156 to discuss this further.
55 Stirling Road
Watchung, NJ 07069
Cell: (973) 420-1156
Fax: (908) 756-5523
I invite you to view my website, http://www.erikfarber.com for all of your real estate needs.