Hi, Im trying to get info on how I can find a lease to buy home in hayward, ca & surrounding areas ...please

Asked by Vane, Hayward, CA Fri Feb 13, 2009

help w/any and all info, comments, web sites or ideas or info

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Vane, , Hayward, CA
Sat Feb 14, 2009
thank you very much i will keep you suggestions into consideration
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Steven Ornel…, Agent, Fremont, CA
Fri Feb 13, 2009
Hi Vane, just a thought in case you haven't considered it, but have you looked into a FHA loan to purchase in the future? Here are some of the benefits of this flexible program:

1) 3.5% minimum Downpayment.
2) Up to a 6% Seller Credit allowed for buyer's closing costs and Seller concessions (non-FHA max is 3%).
3) FHA requires that identified safety/health issues be corrected.
4) FHA allows up to $8,000 in financed energy efficient upgrades without negatively affecting borrower's debt-to-income ratio.
5) Cash reserves not required.
6) Upfront Mortgage Insurance may be financed.
7) Non-occupying co-borrowers are allowed.
8) High and flexible qualifying ratios.
9) FHA loans are assumable.
10) No pre-payment penalties.
11) Will consider "compensating factors" in determining whether a loan should be granted.

Best, Steve
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Pacita Dimac…, Agent, Oakland, CA
Fri Feb 13, 2009
Believe it or not, there are several opportunities to lease/rent to own. Unfortunately, we don't have a classification like that on the MLS, although some realtor will include this option on the remarks.

I've seen quite a few possibilities in craigslist. Enter key words in your search like rent to own, lease purchase, etc. Here's what I found when I did that search. http://sfbay.craigslist.org/eby/reb/1031002552.html

If/when you do decide to do a lease with an option to purchase, please make sure that you well-prepared.

First of all, your rent could be higher than normal rent because the seller may apply part of your deposit towards the purchase price.

Second, you may be asked to put down a non-refundable option money. If you decide to exercise the option to buy, the seller may apply this option towards purchase.

This option money may be in addition to the normal practice of having a security deposit and one month's rent in advance.

There are several resources on line that could walk you through the process so that you can best understand what to expect. Home ownership is the ultimate goal of lease/purchase option and as such it will necessitate a careful review of the terms, conditions, and disclosures.

Good luck!
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