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Rent vs Buy in Riverside County : Real Estate Advice

  • All144
  • Local Info6
  • Home Buying81
  • Home Selling14
  • Market Conditions4

Activity 9
Wed Jun 8, 2016
Sheryl Arndt answered:
Hello AnnaWilson748, why rent to own if you can buy to own? Rent to own want 10-15% down payment that is non refundable. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down. You may consider a 3%-5% Sapphire Grant down payment program up to 417k from a minimum 620 fico score which does not have to be repaid.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

The purchase in Hemet start from 69k for 2bd 2ba condo with that approximate payment. You may qualify to buy with minimum out of pocket expenses with the 3%-5% Sapphire Grant down payment assistance program.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7 or
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Fri May 8, 2015
Brandon Dotson answered:
I forgot to mention that Mr. Downey at Northridge is probably one of the best educators in the city. If you can get your kids in his class then they will love it. I believe he teaches 5th grade if he still is there. ... more
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Sun May 11, 2014
Randy Stoker answered:
You need to consult with a local mortgage advisor to review your credit and income history. Once pre-qualified you can then start your house search
0 votes 7 answers Share Flag
Wed Jan 8, 2014
JR Thrasher answered:
Keep at it, you will find a place.

J.R. Thrasher
1 vote 3 answers Share Flag
Wed Nov 7, 2012
september.pierce16 asked:
This question was asked from this property:
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Thu Oct 11, 2012
Invision RE investments answered:
0 votes 9 answers Share Flag
Wed May 9, 2012
J answered:
Great answers here, however, I'll add my two cents.

The cost involved in owning a home is where you can determine if owning is better than renting. Consider your down payment, closing costs, lender fees, inspections, appraisals and so forth are one side of the situation. Your credit score, debt/income ratios and other important aspects will determine an interest rate and term for a home loan. Your benefit in claiming interest paid on the home at the end of the year will depend on your tax bracket and other deductions. Once you've done the numbers and included all expenses and interest benefit, you will see very clearly if owning or renting makes sense.

Quite a few folks have done the numbers and opted out of home ownership, at least for the time being because it costs them more to own than rent monthly. Good luck to you!
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Wed Sep 29, 2010
Toni Anderson answered:
It would depend on the home. If it is permanantly attached to the land it would be taxed as real property which gives you a real estate homeowners exemption and a smaller maintenance fee. If the Manufacctured home is not permanatly attached, it would be considered personal property and you would pay tax as if it were a vehicle and taht would include tags, and a Lot rent, that could be increased by the park on a regukar basis. The lot rent would not be tax deductible in most cases. Consult with your Tax preparer as to the difference for your own personal situatuion, but most people have found that a tax credit as a homeowner is better by far than paying lot rent and a write off of tags. I am from the Beaumont area and would be happy to assist you with the ins and outs of manufactured homes. We have some great senior parks in our area.
Feel free to contact me;
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Fri Dec 12, 2008
Rita Fong answered:
Hi, John,
Personally I don't think there is a definite answer for your question. From a Realtor point of view, it is a good time to buy, interest rate is low, lots of supplies, sellers are more willing to negotiate. A lot of factors favoring a buyer, it is a good time to invest if you are serious of buying. Owning a house requires extra responsibilities, home insurance, property tax, take care of all the wear and tear, it takes effort and structure. But it is always yours, the feel of belongings that you won't have when you rent.
In our market, paying rent is higher than paying a mortgage payment, if situation allows, why would a person wants to rent than buy?
... more
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