Retiring from military & relocating in December from Michigan to Atlanta area want a Rent to Own 4 bd 3 ba good school 2500 sq ft home suggestions?

Asked by Savannah Alexander, Canton, MI Sun Aug 25, 2013

Need a good middle school not sure of what area is a good area. looking for a good soccer program for my 12 yr old.

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George Cohen, Mortgage Broker Or Lender, Atlanta, GA
Mon Aug 26, 2013

First I want to start off by saying that we appreciate your service. Have you considered buying? The VA loan, in my opinion, is the best loan product out there as it requires 0% down payment and 620 minimum credit score.

Feel free to give me a call anytime to discuss.


George Cohen
Mortgage Banker
Brand Mortgage Group
NMLS 1078450
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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sun Aug 25, 2013
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

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
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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Tim Brown, Mortgage Broker Or Lender, Alpharetta, GA
Sun Aug 25, 2013

Thanks for your service. I am a fellow veteran although I did not serve the 20 years to be eligible for retirement. We moved to Atlanta from Massachusetts 15 years ago and have not regretted it for a second. Great schools, excellent sports programs and outstanding weather. Moving in December is the perfect time to appreciate the mild winters.

I am obviously not a realtor but work with many of the best agents in Fulton, Forsyth, Cobb and Gwinnett Counties. According to the them, the rent to own inventory on the market is very limited because many seller are getting their asking price for the property. Nonetheless, I am sure there are still some lease to own properties to consider. I would be happy to send you names of a few agents that can assist you further.

Good luck with your move to Atlanta. Please email or call me if I can be of assistance to you.

Best regards,

Timothy Brown | LPO Manager
EVOLVE bank & trust
11605 Haynes Bridge Road Suite 125
Alpharetta, GA 30009
o. 770.255.3880 | f. 678.935.1156 | m. 678.467.9959
NMLS #:168281
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Real Estate, Home Seller, Atlanta, GA
Sun Aug 25, 2013
I have a nice 4 bedroom 3 bath, four sided brick home in a culde-sec, located in East Point Georgia. Sale Price: $130,000 Owner financed with 10% down, need good credit to secure a loan within 2 years. Contact Travis at 770 827 2898 or
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