Hi, I am looking for a single family home. My middle credit score is 742. what do i do for my next step into renting to own my own place. Desperate

Asked by Bcangel, El Granada, CA Sat Sep 22, 2012

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Brandon Denman’s answer
Brandon Denm…, Agent, Pacifica, CA
Sat Dec 1, 2012
Hi. Your next step would be to sit down with a mortgage broker to see how much you will qualify for based on your income, assets, credit score and how much down payment you will have. Then, once you know your price range you should contact a Realtor that can set up a search for you with your criteria in mind. Feel free to contact me should you have any other questions and I would be more than happy to help you.
Sincerely,
Brandon Denman - Realtor
DRE # 01378663
Pacific Coast Real Estate
Brandondenman@comcast.net
http://www.mypeninsulahome.com
650-303-0880 cell
0 votes
Juliana Lee, Agent, Palo Alto, CA
Tue Sep 25, 2012
Talk to several realtors where you hope to buy a home. Realtors do not want a sale to fail because the loan agent over promised or didn't take care of details. They pay attention to who delivers and who doesn't.

Pacifica & El Granada had a total of about 360 sales in 2011. All eleven of the agents who had more than six sales actually represented more sellers than buyers. Find who the houses are offered for sale by, and talk to the agents.

Juliana Lee
650-857-1000
Keller Williams Realty
Web Reference:  http://www.julianalee.com
0 votes
Robert Chome…, , San Diego, CA
Sun Sep 23, 2012
If you credit is 742 why do you want to "rent-to-own" vs. just buy a place outright?
0 votes
The Medford…, Agent, Fremont, CA
Sun Sep 23, 2012
First of all, there are almost no rent-to-own homes available. In the current market, it doesn't make sense to a seller to do a lease-option. If you are looking for a lease-option because you don’t have a down payment, then you may be out of luck until you can secure the funds for your down. A good lender and/or realtor may be able to coach you in the various options available.

If you are serious about getting a home, here are the steps to take:

Step 1:

Select a Realtor. Make sure it’s someone familiar with the area you want to live in and with a large amount of closed transactions in the past 12 months. The average Realtor (typically 85%) closes less than 6 transactions a year – you don’t want to be working with someone with that little ongoing experience in the current market. Interview at least three top producers – pick the one that is the best fit for you.

Step 2:

Meet with a lender to get pre-approved. Your Realtor will more than likely have recommendations of proven lenders they prefer to work with. I recommend a broker from a company such as RPM Mortgage instead of a big box lender (Chase, Wells Fargo, BofA) because the large lenders are so backlogged currently, they are slowing down every transaction substantially.

If you are interested in looking at foreclosures, the bank that owns the property may want you to be pre-qualified through one of their loan officers as well. They do this to “scrub” you up front to ensure your creditworthiness. They only need a pre-qual, not a pre-approval and there is no hit on your credit for getting these – they are usually easy to get by going to their website or by email. They will often put this as a requirement to submitting an offer, so if you can do it up front, you can submit an offer much faster. You do not need to use the bank asking for the pre-qual, you just need to prove to them you are creditworthy. The worst offenders are Bank of America, Wells Fargo, Chase, Prospect Mortgage and Nationstar.

Step 3:

Once you’ve chosen your Realtor and Lender, the lender will tell you how much you qualify for, down payment and closing costs requirements and the types of loan programs available. Once you’ve decided which way to go and have your financial parameters in place, your lender will communicate your parameters to your Realtor … and you are off and running.
0 votes
Fiona Santos, Agent, San Francisco, CA
Sat Sep 22, 2012
Hi Bcangel. Your credit score is excellent. Your next step is to speak with a loan officer from any lender to get pre-approved for a loan. You can also start looking at homes for sale and a realtor can help you get the most up-to-date listings in the areas you want. I can offer my services and guide you through the process to get you familiarized with short sales, foreclosures and regular sale listings and I can set you up with email alerts so you get up to the minute updates for new listings, reduced prices and back-on-the-market listings. I can also refer you to several mortgage brokers and direct lenders to get you the best rates for your loan. Then as soon as you find a home you like, you're ready to start making offers. Please feel free to call, text or email!

Best,
Fiona Santos
Realtor
Mobile: (415) 513-8876
DRE #: 01713147
0 votes
Elena Talis, Broker, Palo Alto, CA
Sat Sep 22, 2012
First, find a reputable lender who can give you good terms. What I mean is that the lender can do fast loan approvals and closings. This will help you produce a competitive offer. With current shortage of inventory all across Bay Area it is hard to buy if you are offering 60-day closing.

Even better, find an agent you would like to work with and ask his/her advice about your situation and what is the best course of action for you, buying in your area with your housing criteria.
Web Reference:  http://talisrealestate.com
0 votes
Brandon Denm…, Agent, Pacifica, CA
Sat Sep 22, 2012
Hi. Your next step is to get pre-approved and determine how much you can qualify for. The best thing to do is to figure out what you would be comfortable with for a monthly housing payment and then work backwards and figure out what that would translate to in price. I work with a number of mortgage brokers that you could talk to. Once you are pre-approved, you should then meet with a Realtor to start narrowing down your search based on price, # of bedrooms and bathrooms, location (i.e. - city or area you want to be in). Feel free to contact me to discuss your situation. Looking forward to speaking with you soon.

Sincerely,

Brandon Denman - Realtor
DRE # 01378663
Pacific Coast Real Estate
brandondenman@comcast.net
http://www.mypacificahome.com
650-303-0880 cell
650-560-6142 e-fax
0 votes
Sue Vaterlaus, Agent, Pacifica, CA
Sat Sep 22, 2012
First thing that you should do is to talk to a mortgage broker or a mortgage banker. They will give you the maximum you qualify for in a purchase. Then you need to decide what you are comfortable paying and thatwill help you and your agent to see the best properties for you. Credit score is only one factor in purchasing a home. Good Luck to you and make sure you use a local agent.
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