Home Buying in Lodi>Question Details

Sylvia Eilers…, Renter in Lodi, CA

We are rebuilding after a foreclosure. We have been renting for four years. Are there options for us to find a rent to buy home in Lodi?

Asked by Sylvia Eilers Korver, Lodi, CA Sun Aug 7, 2011

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Shane Milne’s answer
Sylvia, if it's been 3 years since the foreclosure sale date then you would be eligible for FHA financing at this point. You would also need 12 months of re-established credit and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each. Trade lines that survived the foreclosure, such as a credit card you kept open, a car loan you maintained payments on, etc. can count towards the re-established credit. Having a verifiable on time housing payment history goes a long way to making an underwriter feel comfortable as well. FHA just requires a 3.5% down payment, which is probably more than a rent-to-own deal would require as a deposit, but there are also down payment assistance programs, like http://www.calhfa.ca.gov/ which can help out with that.

Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
1 vote Thank Flag Link Tue Aug 9, 2011
Hello Sylvia,

If it's been four yrs since your foreclosure, then I'd think you'd have options to make a purchase instead of RTO by now. Providing that the rest of your credit is good.

Have you spoken to any good lenders recently? That would be the 1st thing to do if I were you.

I'd be happy to refer you to a couple really great lenders in the area to see where you stand right now.

And to answer your actual question...YES. There are definitely options to RTO as well. Just have to find them on Craigslist, newspaper, word of mouth, etc.

Let me know if I may be off assistance.

1 vote Thank Flag Link Sun Aug 7, 2011
There's always owner-financing ... if you default the house goes back to the original owner. I'm no expert but I wouldn't expect banks to be quick to give you a mortgage, especially these days. Build your credit and save your money ....
0 votes Thank Flag Link Mon Aug 8, 2011
Hi Sylvia,

You could check in the local paper or check with a Real Estate Broker to see if there are any homes available on market. Moreover you may want to connect with a mortgage lender to get advice on the next steps in determining a path the credit recovery.

Have a terrific evening,


Rocky G.H. Hawrysz
Prudential California Realty
(209) 444-6610
0 votes Thank Flag Link Sun Aug 7, 2011
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