how can we find ot if we qualify to buy or rent to own?

Asked by Summer, Hanover, PA Sat Aug 22, 2009

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Angela Sarge…, Agent, Austin, TX
Tue Sep 1, 2009
I like the site Dunes suggested on HUD. Ironically, I just sent that link, along with other educational materials to someone today. Ironically, after showing them some properties, they found a home in their own neighborhood, they happened upon a home going on the market next week. The guy agreed to sell it to them for far less than market price, providing they didn't use Realtors. The guys mom is a Realtor and will do the contract for them for free. I still sent them the information, as they need to know the steps necessary to protect themselves and make it all happen. I sent them to their possible purchase with a heartfelt hope it works out for them. They are a young family and really could just use a break.

You should contact your bank or credit union and get them to pre-approve you. The good news is that you are in control. No pressure, just gather the information. While they are making their determination, your mission should be learn, learn, learn! There are loan terms, real estate terms, and title terms that you don't want people spitting at you without some basis. It's okay to not "know everything" but you should give yourself the edge by understanding the process. You need to do this whether you use a Realtor or not. I tend to try to educate my buyers so they aren't constantly on the defense in information overload. Not all Realtors do that. It's your job to know.

Once you have an idea of what you qualify for, you need to ask your lender for a Good Faith Estimate. That is a sheet that will tell you all the charges to you for doing the loan. That is your power tool. With that, shop. Get a quote and request the same thing from several mortgage brokers and banks. It's a good idea to take what you find back to your bank. It doesn't hurt to give them a chance to beat your offers. This is a chunk of change that deserves your diligence. You'll be glad you were so smart!

I wish you all the best!
1 vote
Voices Member, , Benton County, OR
Tue Sep 1, 2009

The first thing to do is start informing yourself about the process and the steps you need to take. Going to an Agent is not necessarily the First Step..

Hud has an excellent page on the steps of Home buying and also provides many resources/contacts is well worth looking at before you do anything else...

I would also look at this FHA site as it provides much information to the Consumer....

Becoming informed well be your best route to take in preparing to select an Agent. Just choosing someone because they have a RE license could end up being a very Bad experience. There are many Good Agents to select from so you want to be able to choose one that will work with you to attain YOUR goals.

Agents are selling Services and you are Hiring, it is your Financial committment so choose wisely.

Good luck, Dunes
1 vote
Peggy Gist, Agent, Hanover, PA
Tue Sep 1, 2009
The first thing you should do is sit down with a real estate agent to explain the buying process. At that meeting they can also provide you an immediate contact mortgage lender to assist you in the process of obtaining a pre-approval to purchase a home. This is a critical step in the process. If you do not have this paperwork in hand, you do not know if you qaulify to purchase a home.

There are quite a few programs out now for first time home buyers and credit scores are extremely important. If you do not qualify at this point to purchase, you will at least have the advice of a professional who can tell you the steps you need to take to correct your credit. After that is completed, then you can start the process.

If you need assistance, I would be more than happy to help. Just email me at
0 votes
Sharon Harris, , York County, PA
Sun Aug 23, 2009
The best way to find out is contact a lender and give them your information. They can run the numbers and look at your 3 credit scores and decide from there if you are ready at this time. It is a very easy process. Now with that being said remember the $8,000 tax credit to first time buyers is set to expire in Nov. You should act now if you want to receive the tax credit.
If you want some names and numbers of the lenders i work closely with let me know. I would be happy to pass them along to you. I also would be very happy to help you with all your questions about buying/rent to own . Never any pressure just answers! thanks Sharon Harris 717 465 0661
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