Asked by Peter Osborne, Upper Marlboro, MD • Sun Jul 15, 2012
I want to start exploring getting into a home. I have looked at rentals and then rent to owns and now I have been in touch with a company that does owner financing.
Bankruptcy: filed Sept 2010-discharged Jan 2011.
I was laid off a job in Mar 2010 (salary $75,000 bonus)
Hired in Jan 2012 (salary $68,000 bonus)
Current obligations total @ $575 (auto and credit card)
All 3 credit bureaus show me at 661.
The company I talked to said a rent to own would be @ $3500 option money and @ $1500 month on a @185,000 townhouse.
The same house under owner finance would require $5000 down and payment would be @ $1175 (30yrs at 4.99%), house being financed @ 105% of value.
The kicker is I have to submit the $5000 to get going, and if not approved they would refund all except for $1000. The company is in GA and I am a little skeptical @ sending my money so far away.
Real Estate in Upper Marlboro
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