Georgiana Br…, Home Buyer in 32828

Want to buy a home

Asked by Georgiana Brown, 32828 Sat Mar 5, 2011

Is there any private home owners in the avalon park area that is willing to take a chance on my husband and i by renting to own a house, giving us two years to clean up our credit so we could refinance the home in our name? and if we are unable to do that you could have a renter for quite awhile,i'm looking for a 4/2.5/2 or 5/2.5/2 .Any suggestions please, currently i'm renting in waterford lakes and my lease is up at the end of june but my landlord wants me to give 60 days notice, my credit is not that great and i have been late with my rent 3 times since i move there July of "09"not extremely late.Justing tired of renting and not having something i can call my own.

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5
Tom Priester, Agent, Tequesta, FL
Sun Mar 6, 2011
Gina,

There are a couple different options when contemplating the rental of a home for future purchase. Each involves two legal documents, the lease itself and then either an option or purchase agreement. The option gives you the right to purchase the home at a specified price, for a specified time in exchange for consideration (the option payment). The purchase agreement is a normal purchase agreement with an extended closing date which is typically at the end of the lease. In most cases, the best use of either of these type of agreements is to allow the purchaser time to either sell an existing residence or sort out credit issues that is preventing financing at this time.

A lot depends on your particular situation and it is something you should discuss at length with a professional Realtor® who can fully explain this process to see if it makes sense for you. Almost always your best option is to clear up your credit and then look to purchase a home.

I hope this information is helpful but if I can be of any further assistance please feel free to contact me at your convenience.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference:  http://www.tompriester.com
1 vote
KIM SETZER, , Winter Garden, FL
Sat Mar 5, 2011
Hi Gina,

Thank you for reaching out to the Trulia community where I am confident you will get great feedback and someone to help. I would like to be one of the Realtors considered to assist in your endeavor. I have investor owned homes that would consider your offer, however regretably they are not in the Avalon Park area and are located in Winter Garden. I did however just list a nice two-story, 4 bed /2.5 bath short sale in Avalon Lakes this week that is on a corner lot with a pond view! It is 2834 s/f is the asking price is $185K.

Gina, you stated, "my credit score is not that great", but I find that a majoirity of my clients (especially first time home buyers) feel they would never be able to get qualified when in actuality they have a better than average FICO score. Do you know your average score from all three credit bureaus? Have you tried recently to get qualified for a mortgage and turned down? Do you have a prefered price range in mind or have any idea what you can afford? Do you have a recent, discharge bankruptcy or foreclosure? Any specific reasoning your credit is considered challenged? ( medical bills, credit card debt, loss of employment or job change, etc) There are a variety of loan programs out there and I will be happy to refer you to a local, mortgage broker who will give you a free, no obligation consultation and advise of your eligibilty status. If you are for sure not prequalified to purchase now, she will give you a lot of suggestions to improve your situation in order for you to accomplish your wishes in the near future. There are more factors involved than just merely credit. Do you and your husband have consistant, stable employment? Do you have any cash to contribute to a down payment and closing costs? Do you have a solid rent history? Could you possibly get a cosignor?

I would love to help in your endeavor. Please contact me "directly" and I will provide you all the professional advice I can and help to stear you in the right direction. It's rare these days that I encounter any client that has a flawless, credit history or perfect sitiuation and everyones has issues that were out of their control. Sometimes exceptions can be made and creative finance options or solutions can be discovered or determined. Check out this website which may also help: . http://www.freddiemac.com/creditsmart/guide/pdf/CSA_SHO-Eng2…

I look forward to hearing from you and if you choose another Realtor to work with, I wish you good luck with your pursuit. Feel free to call me from morning until midnight 7 days a week or I will promptly respond to all
e-mails.

Hope you are having a GREAT weekend!

Thank you kindly,

Kim Setzer, REALTOR
CENTURY 21 Elite Properties
407-406-0351
kimsellproperty@yahoo.com
1 vote
Mike Luzzo, , Orlando, FL
Tue Mar 8, 2011
Gina,
I live in Avalon Park and have lived in Waterford Lakes. Please call me – I think we can make this happen.
Cell: (407) 222-4545
Thank you
Need More Information? Please visit us @ http://topvaluesinorlando.com/

Mike Luzzo
Charles Rutenberg Realty
933 Lee Road, Suite 300
Orlando, FL 32810
Office: (407) 622-2122
Cell: (407) 222-4545
Fax: 407-442-0615
0 votes
, ,
Mon Mar 7, 2011
Hi Gina,

Most of my clients are first time home-buyers with blemishes on their credit or no credit. Unfortunately, due to the ever tightening bank guidelines, borrowers with less than stellar credit are finding it more difficult to obtain financing.

As a lender we look at three things - credit (including rental history), assets (ability to save and manage your money) and income (steady and stable employment or source of income).

I always tell buyers - each area is weighed individually and then as a whole - usually with 2 of the 3 compensating for the lack of depth for the other. For instance, a buyer does not have 2 yrs employment history because she just graduated from university. She has good credit and her parents are going to give her a large gift for down payment. Her payment history and large down payment are compensating factors while the fact that she has a job in her field of study makes her a good candidate for a loan.

On the other hand, you have admitted that you've paid your rent late and your credit may need some work. Gina, whether want to purchase now or in two years, the first thing you should do is contact someone to review your current financial situation and develop a plan of action to achieve your ultimate goal - buying your first home!

I don't do credit repair. However, I have been doing this quite some time. I would be glad to meet with you to create a plan to help you meet your goal - at no cost to you.

Feel free to contact me at 407-591-7693 or via email Jacqueline.clarke@freedommortgage.com

Sincerely,

JACQUELINE CLARKE

Senior Loan Officer
Freedom Mortgage Corp.
Orlando Branch
0 votes
Alma Kee, Agent, Tampa, FL
Sun Mar 6, 2011
Hi Gina,

Here'a a very helpful website to assist you with improving your finances:

http://www.DaveRamsey.com

Good luck on your road to financial recovery. There are many, many people in the same situation in the US, thanks to the unbridled greed of wall street and incompetence &/or collusion by our elected and paid officials.
0 votes
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