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Home Buying in Jonesboro : Real Estate Advice

  • All150
  • Local Info22
  • Home Buying23
  • Home Selling5
  • Market Conditions10

Activity 29
Fri Feb 12, 2016
Aisha Ervin asked:
Is Jonesboro, Ga a safe place for my children who are 16 and 5 and how is the school district.
0 votes 0 Answers Share Flag
Thu Feb 4, 2016
Dan Tabit answered:
Thomas,

Rent to owns are rare and even more rarely are they a good deal for the renter/buyer. The vast majority of rent to own renter/buyer's never end up buying the house. They are a great deal for the landlord/Seller as they get to collect large up front deposits and over market rent only to do it all over again in the same house. I consider it basically immoral and predatory in most cases.

Resolving credit issues isn't rocket science and a local mortgage lender can and often do assist buyers with this. Many things you can do yourself, others the lender can direct or assist you with.

Most people in this position are far better off renting the least expensive place they can stand to live in and save up some down payment, get on a budget and fix their credit. Once you are qualified, you can select any listed property in your price range and you've fixed the issues that hurt your credit.
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0 votes 1 answer Share Flag
Wed Nov 4, 2015
My NC Homes Team answered:
Trulia doesn't have anything, Trulia is an Internet Advertising site, they do not know anything about any of the properties listed here.

Rent to Own is more urban myth than reality. There are only two situations where someone like yourself will encounter "Rent to Own" and neither is desirable.

In the first situation the Seller has been unsuccessfully trying to sell their property often for a year or more and they cannot find a buyer. The reasons for this can be many such as; high crime rates, terrible condition of the property, stigmas the house may have such as some one murdered in the home, or a home used as a meth lab for example. There are others but I'm sure you get the idea. In this case the seller is so anxious to sell their willing to do anything, but Buyers should ask themselves why would I want to inherit this Seller's headache?

The second situation is in my opinion actually worse: it's when very savvy Sellers set out to intentionally take advantage of less savvy Buyers. They never have any intention of the Buyer owning the home and the contract they prepare almost ensures that a Buyer will never be successful in meeting the terms. Their intent is to get above market rental income with the promise that one day you'll own the property and if by chance you actually were able to fulfill the terms of their agreement their OK as they got well above market price for the property, but what happens 95+% of the time is that they simply take the home back when a buyer fails to fulfill one or more of their contract terms and they then repeat the process.   I've been active in all aspects of residential real estate for more than three decades and can honestly report that I have never once met a single buyer who was successful with "Rent to Own" 

Right now we're in a strong sellers market, and frankly there's no reason any legitimate seller would offer a Rent to Own option
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0 votes 1 answer Share Flag
Tue Jun 9, 2015
My NC Homes Team answered:
You cannot use your income and your husbands credit score. If it's your income then you'll have to be on the mortgage and your credit score will also be considered. Speak to a local lender to confirm whether you'd qualify or not. ... more
0 votes 5 answers Share Flag
Tue Jun 9, 2015
My NC Homes Team answered:
Robert,
Rent or Lease to Own is more urban myth than reality. There are only two situations where someone like yourself will encounter "Rent to Own" and neither is desirable.

In the first situation the Seller has been unsuccessfully trying to sell their property often for a year or more and they cannot find a buyer. The reasons for this can be many such as; high crime rates, terrible condition of the property, stigmas the house may have such as some one murdered in the home, or a home used as a meth lab for example. There are others but I'm sure you get the idea. In this case the seller is so anxious to sell their willing to do anything, but Buyers should ask themselves why would I want to inherit this Seller's headache?

The second situation is in my opinion actually worse: it's when very savvy Sellers set out to intentionally take advantage of less savvy Buyers. They never have any intention of the Buyer owning the home and the contract they prepare almost ensures that a Buyer will never be successful in meeting the terms. Their intent is to get above market rental income with the promise that one day you'll own the property and if by chance you actually were able to fulfill the terms of their agreement their OK as they got well above market price for the property, but what happens 95+% of the time is that they simply take the home back when a buyer fails to fulfill one or more of their contract terms and they then repeat the process.   I've been active in all aspects of residential real estate for more than three decades and can honestly report that I have never once met a single buyer who was successful with "Rent to Own" 

Right now we're in a strong sellers market, and frankly there's no reason any legitimate seller would offer a Rent to Own option, that said it's very possible given today's low interest rates that you may be able to buy a home. The best way to find out for certain is to speak with a Lender to see if you could qualify for a mortgage.
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0 votes 1 answer Share Flag
Tue Jun 9, 2015
Robert Tutson asked:
Wed Nov 5, 2014
Tahirah Campbell answered:
Hi Treasure2u2003! Please feel free to contact me at 470-210-SOLD (7653) or tahirah.campbell@crye-leike.com. I am an agent who has resided in Jonesboro, GA since 1999. I live, work and play in Clayton County and would love to show you my city and help to make it your new home. I look forward to hearing from and working with you soon. Please visit my companies website at www.crye-leike.com. We have an awesome department which focuses on relocation services. ... more
0 votes 4 answers Share Flag
Wed Jan 1, 2014
Rodney Mason answered:
If you are looking for an Investment Property, the minimum credit score will be 660 or 680+. Fannie Mae and Freddie Mac have much higher minimum credit score requirements for Investment Properties than Primary Residences. Also, the minimum down payment for an Investment Property will be at least 10-20% down depending on the actual loan program. ... more
0 votes 3 answers Share Flag
Thu Oct 24, 2013
Rodney Mason answered:
If you are updside down, you would essentially have two choices. The first option would be to bring the difference to closing. If you do not have that difference, you would have to qualify for a Short Sale with your current mortgage company(s). If you do a Short Sale, you may to be able to purchase another home for 3 years or possibily longer.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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1 vote 5 answers Share Flag
Fri Sep 6, 2013
ryateslenders answered:
No you will have to wait 12-24 months after a Bankruptcy to buy and reestablish positive payment history. If you want to buy now you should speak to someone who can help you sort through your options before you consider bankruptcy. ... more
0 votes 2 answers Share Flag
Fri Sep 6, 2013
Brian Nguyen answered:
What do you mean by "fair credit." In any case, lenders like myself have been able to give out loans with credit as low as 580, so if you fall in this category give me a call. If you do not fall in this category, still give me a call so I can help you try to get your credit score where it needs to be! Also, your ability to obtain a loan to buy another house does not depend on credit alone but other factors as well. These other factors include income, expenses, liabilities, assets, debt, etc. Either way, give me a call so I can try to get you the loan that you need.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
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0 votes 6 answers Share Flag
Tue Jun 18, 2013
Rodney Mason answered:
I do not suggest doing lease purchases/rent to own. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options to see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.
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0 votes 1 answer Share Flag
Sat Jan 26, 2013
Johnsonromas answered:
Thank you very much and I hope I am close to no more 800.00 rent. I thinks I am about to do this. but if don't work I will keep trying. My unit saying never quit.
0 votes 5 answers Share Flag
Sat Jan 19, 2013
Rodney Mason answered:
Ray,
With a 645 Credit Score, why would you just not go ahead and try to obtain a mortgage to purchase the home directly? This would have much more favorable terms and stability for you than Owner Financing could ever offer.

For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.
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0 votes 2 answers Share Flag
Sun Dec 30, 2012
Michael Hammond answered:
Besides the amount borrowed of $65,900 how long a loan term and what interest rate do you expect to receive, Unique? Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
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0 votes 1 answer Share Flag
Fri Nov 23, 2012
Pansywalker answered:
Unincorporated Jonesboro is quiet, tree lined and peaceful. We are minutes from Rex, Stockbridge, Morrow, and Henry county. I675 and I75 are accessible to this neighborhood. Welcome to all prospective home owners. ... more
0 votes 2 answers Share Flag
Wed Oct 24, 2012
Maxwell Wright answered:
I will set you up on a "automatic update notification" = This will scan your area of interest (Lake Spivey) daily and send you an email and/or text message to review the property that becomes available daily. If you like it, we can immediately schedule an appointment to see it. Inventory has shrunk significantly, so speed is critical! Please contact me ASAP.
Max Wright (Realtor) with Keller Williams Realty Atlanta Partners (770) 912-5099
PS: I'm also a mortgage banker (20 years) - If you need advice on your application for a new house and how to get the best interest rate. Website: YouAreReadyTomove.com
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0 votes 5 answers Share Flag
Sun Sep 16, 2012
Maria Cipollone answered:
Your credit score is one of the factors your lenders will use to determine whether you qualify for financing or not. The problem is every lender uses different methods to determine your credit worthiness. So, in some cases the score that your lender will accept can be determinated by many factors, including your payment history, your salary history, your current wage, your available credit and how much down payment you have for the purchase of your primary residence.
To explore your options and get a pre-approval letter you need to get in contact with a mortgage broker in your area.

Best of Luck,

Maria Cipollone
Century 21 Tenace

www,Flahomespecialist.com
... more
0 votes 4 answers Share Flag
Mon Jun 4, 2012
Gerars Grant asked:
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