how can i find a house that i can rent to buy? How do i find a place that is in my budget?

Asked by Devon Woods, Tampa, FL Fri Sep 6, 2013

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6
George Leone, Agent, Lutz, FL
Sat Sep 7, 2013
Find yourself a Realtor, explain what you want to do, tell him what your budget is and he or she will be glad to help.
1 vote
simple as that..
Flag Sun Sep 8, 2013
Jeffrey Axen, Agent, Brandon, FL
Wed Oct 16, 2013
If you were looking for a house to buy and you are financing the first thing i would do is get preapproved so you know what your budget is for a home. Knowing the price range of how much you want to buy or rent will give an idea of what properties will be available in that range. The amount of bedrooms/ bathrooms, the property style (single family home, condo, townhome) year built, pool addition, hoa fees, etc will play a big role in finding what is in your budget. Its about collectively putting all the information together and knowing EVERYTHING that is on the market in the price range you are looking for so you know the market yourself. Knowing the market yourself and being highly educated on the market yourself will make you more comfortable in making a decision for buying or renting a home. I would gladly help you to the best of my ability just a phone call away. 813 892 4470 Jeffrey Axen JD Noble Realty
0 votes
Lynn Brock, Agent, Sarasota, FL
Tue Sep 10, 2013
Devon Woods, Your question has become an unknown for many potential buyers. Lending guidelines have tightened up. When rates shifted up from 3.5% to 4.5% the impact affected many first time homebuyers.

Your first step in finding a home that you can afford is to meet with a mortgage broker. A mortgage broker will have you complete a loan application that is filled with questions. Your answers will spark much discussion between you and the mortgage broker.

Once your purchasing power has been determined, then work with a real estate agent in finding your new home. The real estate agent will work with your mortgage broker. Together they will coordinate and manage your transaction through closing.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com

Visit http://www.brockrealty-inc.com where you can sign up for a FREE Listing book account which allows you to search the MLS in real time and receive morning reports on new listings, current pendings and recent solds.
0 votes
Alma Kee, Agent, Tampa, FL
Sat Sep 7, 2013
Hi Devon,

FHA mortgage guidelines have shortened up the waiting period to get a mortgage after a bankruptcy, foreclosure, short sale so if you haven't tried to get preapproved recently you may want to check into it.

Also we have up to $10k in downpayment and closing costs for first time homebuyers (can't have owned a house in past 3 years), go here to see if you can qualify:

http://apps.floridahousing.org/StandAlone/FTHBWizard/FTHBWiz…

You MUST work with an APPROVED lender to get the money so I would start there to see if you can get approved now.

Otherwise you have to be VERY careful about RENT TO OWN schemes. Some unethical owners will overcharge you on the rent and then it turns out the mortgage is higher than what you are hoping to buy it for. At a minimum pay a title company to do a title search before signing a rent to own contract. Best to have an attorney review all of the paperwork, too.

Or why not just rent the least expensive property until you can qualify for a mortgage? Take Dave Ramsey's Financial Peace University and you will learn how to turn it all around and possibly even pay ALL CASH for a property.

Good luck!

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Sat Sep 7, 2013
Hi Devon,

Shop around for a Mortgage broker that can review all your finances and advice you properly. Mortgage brokers have access to many banks, private lenders and many different programs.

If you can get pre-approved for certain amount you best option will be buying as soon as possible. On the contrary, if you can not get approved for a mortgage just rent a property without going into a lease purchase agreement.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes
Don Blockel, Mortgage Broker Or Lender, Tampa, FL
Sat Sep 7, 2013
Hello Devon,
The first thing you need to do is get pre-qualified.If you need help finding financing and a dependable Realtor to show you properties, please give me a call.

Don Blockel at Bridgeview Bank. (727) 365-3133
d.blockel@mbbmc.com http://www.bridgeviewbank.com
0 votes
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