Do you have rent or lease to own homes?

Asked by gcvasquez88, San Dimas, CA Sun Nov 20, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Don Tepper’s answer
Don Tepper, Agent, Burke, VA
Sun Nov 20, 2011
Yes and no.

No. They're not listed here that way. (There are lots and lots of threads on that question. See, for instance, http://www.trulia.com/voices/Using_Trulia/can_trulia_help_me…

Yes. Some of the homes listed here for sale are possible rent-to-own homes. Similarly, some of the rentals are. But you (or your agent) have to make it happen. You have to make that proposal to the seller or the landlord.

Here's a link to a blog I wrote on how to find rent-to-own properties: http://bit.ly/findaleaseoption

Hope that helps.
1 vote
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Sat Mar 18, 2017
Rent to own are very risky and usually require large 10%+ non refundable fees. You may already qualify for traditional financing with less down payment. Although if you had a short sale, foreclosure or deed in lieu you may qualify ONE DAY after with 20% down.

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 are buying a primary residence 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.

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 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.

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.

The purchase in 91773 zip code start from 325k for 3bd 3ba condo and the single family homes start from 399k for 3bd 1ba home.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
0 votes
Linda Mayer, Agent, RANCHO CUCAMONGA, CA
Fri May 11, 2012
Actually they are listed as owner will carry or lease option in the MLS. Therefore, in working with a local professional Realtor it will make all the difference to your experience. They can negotiate the price and the length of the term for you and many other things that come with experience.
0 votes
Robert Chome…, , San Diego, CA
Sun Nov 20, 2011
Try Craigslist of lease options or rent to own. But be careful, the odds are usually stacked on the side of the savvy investor selling the house on a lease-option. Most people who buy on lease options never take ownership, b/c they are not able to get to the point where they can get a loan. Be careful you only agree on a fair current market price, do not give up much cash for your option consideration money, try to negotiate a long lease-option and negotiate a portion of your payment to go towards paying down the principle.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Nov 20, 2011
Consider working with an agent of your own; not all rent to own are categorized as such...
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more