07-23-2011 03:57 PM
Welcome to the ZipRealty community! Thank you for posting in the forums.
I will contact one of the local agents to see if they are able to answer this question for you.
Client Care Specialist
07-25-2011 09:04 AM
A Lease Option is what you are looking for - we have access to those if they are listing for sale - a Lease/Option is a finance option offered by the seller. If you let us know what area you are looking for a home, we can have an agent in that area contact you for more specifics of what you are looking for in a home and what payment per month is comfortable for you.
07-26-2011 09:21 PM
You are looking in a very wide area. Is there a county, such as King or Snohomish County that you prefer? If you do, I can send you the listings that offer a lease purchase option. Please email me. I am at email@example.com, I will respond right away.
07-31-2011 02:45 PM
I am also thinking about rent to own home the Lynnwood & Everett area - home price range from 200k - 400K. Monthly payment $2000+.
Can I buy a home with low down payment these days? I heard i must have 20% down in order to buy.
My credit is not too bad, 670, 750, 750 with reasonable income, but i dont have the down payment yet, so i think maybe i should start with renting with option to buy when i have enough down payment and at the same time improving my credit score.
What do they normally require for down payment for rent to own home?
07-31-2011 02:56 PM
That is normally called a lease purchase option.
The seller will want you to agree on the price, and will normally want you to put at least 1% of the
purchase price down, in earnest money.
They normally want you to complete the purchase within 3 to 12 months. They will normally want
to see a copy of your credit report.
You normally provide your own insurance, for at least the contents, and you will be renting, so you
will need to follow their rules about pets, and changes to the home.
Let me know if I can help in any way.
07-31-2011 08:56 PM
You have a good credit score! No worries there. As far as down payment, you can put 3 1/2% down with an FHA loan program. 20% is a conventional loan - and some lenders require as little as 5-15% down for a conventional loan but you would have to carry mortgage insurance - which doesn't really do anything for you - it is to protect the bank's investment in case of foreclosure.
Lease Options are few and far between - the owner of the home would have to be able to afford to do the lease option and there is usually an Option Fee plus first, last and deposit - probably close to what you would need for 3 1/2% down. Have you registered on the ZipRealty website yet? Let me know how I can help. Thanks, Debra Hamilton
08-04-2011 02:54 PM
My recommendation to you would be to meet with a qualified agent and establish a plan and timeframe for purchasing your first home. The agent would recommend that you have a loan prequalification done with a loan officer to help establish the critieria that you would need to be eligible to purchase. It might take 6 months to a year, but by following a plan you could be ready to buy in that timeframe. As far a renting to own, the most common path is a lease option. If you are not already qualified at this time, I would not recommend it. Find a place to rent for the duration of the plan set by you, your Realtor and your loan officer. Pay all you bills on time to establish more credibility in your history.