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Rent vs Buy in San Bernardino County : Real Estate Advice

  • All66
  • Local Info2
  • Home Buying34
  • Home Selling7
  • Market Conditions2

Activity 13
Thu Feb 2, 2017
Staceylee55sss answered:
How does the rent to own home program work in calif, ie credit score time allowance down payment,ect.
1 vote 7 answers Share Flag
Mon Jan 30, 2017
Sheryl Arndt answered:
The sellers pay the agent fees. Lease with option to buy are risky and usually require a 10% or more non refundable deposit as well as other fees. You may already qualify for traditional FHA financing with 10% down from a minimum 500 fico score.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

The purchase in 91730 zip code start from 172k for 1bd 1ba condo, 200k for 2bd 2ba condo and the single family homes start from 305k for 3bd 1ba home.

Do you have down payment and closing costs or do you need down payment and closing costs assistance? You would need a minimum 620 fico score to qualify.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

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 could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

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 any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 2 answers Share Flag
Mon Apr 27, 2015
People who are offering the "rent to own" option, most of the time either:

1. Owe more on the home that it is worth.
2. Or the property is hard to finance.

So you if you can make sure that the purchase price is reasonable, and that the property can be financed. You can do it.

Now good luck finding something like this.

Feel free to call me and talk about it 714-968-2500

I am guessing that the last poster Sheryl Arndt would be able to a good job for you as well. She seems like she might be good.
... more
1 vote 7 answers Share Flag
Mon Feb 10, 2014
Robert Hanson answered:
Here's an interesting video on the subject if you are interested.
If I can be of assistance, feel free to contact me at your convenience. My contact information tagline will be posted below as a reply to this comment. Regards, Robert Hanson:
... more
0 votes 4 answers Share Flag
Thu Feb 28, 2013
Kari Brandler answered:
Hello Raquel,

Losing one property to home foreclosure doesn't mean that lenders will automatically deny you for future mortgage loans. Foreclosures are completely erased from your credit report after seven years. Fortunately, you don't have to wait the full seven years to apply for another mortgage. Anyone who loses a home to foreclosure can get approved for an FHA mortgage with favorable rates after three years. Other types of loans impose a waiting period of four to five years.

It sounds like you and your husband have done some rebuilding and have kept up on all your other credit so good for you. I can help you in finding your next home and also set you up with a lender who will be able to help you get qualified with an FHA mortgage. Please feel free to call or email. Looking forward to speaking with you.

Kari Brandler
1 Advanced Realty & Appraisal
R.E. License 01751970
Cell: (909) 292-6142
... more
0 votes 12 answers Share Flag
Wed Feb 27, 2013
Steven Ornellas answered:
Hi Michelle:

As Janna and Suzanne together have indicated, you certainly have financing options in order to buy a home. USDA's 0% down program awesome for 1st time Buyers; however, the location of the homes may not be the most convient (see link below); however, FHA's minimum 3.5% downpayment requirement ($7K) is a great option for those buyers who have not amsassed the conventional financing standard of 20% down ($40K).

Regarding the 0% down USDA program, see the following link to find the areas NOT in the program:

There's a right way and a wrong way to go about buying a home.If you are serious about making an informed decision regarding your financing selection first obtain a “True Pre-Approval” so you absolutely know the price point you can afford. Moreover, understand the numerous benefits of taking this most important step:

Regarding where to have your Pre-Approval performed, while there are occasional exceptions in service level; I would recommend avoiding the Retail banks for your Pre-Approval. Please see:
"Retail Banks vs. Mortgage Broker/Bankers"

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0 votes 3 answers Share Flag
Wed Sep 12, 2012
Roland Corral answered:
Hi Michelle, don't sweat it, if I can help someone buy a home and they just sold their home on a shortsale less than a year ago, I can certainly help you! :) I need to take a good look at your whole situation and yes your credit report. If you already have a copy, I won't have a lender pull it again but I'd like to see it just the same. There are many situations where it is acceptable. give me a call when you have a chance. :) Roland 909-917-6176 ... more
0 votes 9 answers Share Flag
Thu Jul 5, 2012
Gabino_Barrera answered:
All the answers you are getting are good. But dont use all 50k. Only use 20% of the purchase price, so for $200,000 it will be $40,000. Call me Ill explain why.

Gabino Barrera Jr.
Mortgage Professional

SWBC Mortgage
23705 Crenshaw BLVD. Suit 101
Torrance, CA 90505

License by the State of California Department of Corporations under the California Residential Mortgage Act
... more
0 votes 14 answers Share Flag
Tue Jan 24, 2012
Roland Corral answered:
You should buy. There are many reasons, to many to list here. Please call me and I can go over in detail. Here is just one. Since you haven't owned a home in the last 3 years, you are considered a first time home buyer and are most likely eligeable for down payment assistance. I have helped people get over 80k in assistance with approve lenders. Thats the key, they must be approved and you need to go with one that is certified for the particular program in the specific area you are searching in. I'm in southern california and am very familiar with most programs in the cities down here. Be very careful! Many will not want to help you because of their lack of knowledge or access to those programs. I am not a lender so I have no financial interest in my clients getting the assistance and I don't take incentives other than the fact that my clients are very happy after I help them and they always refer me more clients. That's the "catch" if you will. I get a kick out of helping people get these programs. These programs sound too good to be true I know but the fact is, they want to give you the money because if they don't release those funds, their budget will be reduced the following year. The states, counties and cities want you to own because when you own, you pay property taxes, shop locally and pay sales taxes etc. That's their incentive and their communities grow. Good luck! Feel free to click on my name/picture and get a hold of me if you have any specific questions. I'll be happy to help even if you're not in my area. :) ... more
0 votes 18 answers Share Flag
Thu Jan 6, 2011
Larry Echavarria answered:
I can help Im located locally here in Barstow, and I have done several lease options here in town.
Please feel free to contact me anytime to discuss the lease option for your property.

Thank you
... more
0 votes 4 answers Share Flag
Mon Dec 20, 2010
jo answered:
Contact a realtor in your area and have them help you find a great lease in the price range you are looking for...Good luck :)
0 votes 3 answers Share Flag
Sat Sep 25, 2010
Stella Doyle answered:
Hi MovingOn, There is no set answer to your question without more information about your debt to income ratio, FICO, the amount of your down payment, etc. Almost all offers require your FICO and an approval letter from a direct lender to accompany your offer. Your first step should be to speak with a realtor or lender who will be able to guide you and help you through the process to purchaseing your first home. Realtors have a wealth of information and contacts to assist you. So do your homework on your search for a Realtor you can trust and have a compatible personality. Or contact me!

Stella Doyle
626-966-3688 ext 211
Coldwell Banker Town & Country
345 E Rowland Street
Covina, Ca 91723
... more
0 votes 3 answers Share Flag
Sat May 29, 2010
Warren Ray Payne answered:
Contact me

Ray Payne
Keller Williams REalty
Victorville CA
0 votes 3 answers Share Flag
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