Profile picture for MarySweat

What can I do to get more (or better) quotes for my loan request ZR-NFZQSFX?

Good Morning, Hi i was wondering does your office ever do RTO/LTO, and or assuming a mortgage? My husband has some medical bills he's paying off and was told we can't get a mortgage even with fair credit until they are all paid off. We are tired of paying someone else mortgage, and the end result being, the home is not ours. We are hoping someone will take a chance on us. Staying at the same place paying almost $2000 a mth for rent for over 6 yrs now, is truly not what we wish to continue to do. We all know someone that had a medical emergency and for one reason or another was unable to pay off expensive health bill(s) . If their is a listing or you can share in pointing us in the right direction for RTO, LTO ETC, properties Id really appreciate it. We truly would love to own our own home again Thank you for your time, Mary Sweat
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June 12 2013 - Placerville
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Profile picture for MarySweat
Wow thank you so much for your sound advice wetdawgs, the problem is the owners of the house now want to sell and we don't have the down payment of 20% of a $400,000 home( hence why our rent is almost $2000 a mth), We have both cats and dogs and cannot find anyone to rent to us with the ( breed of dog, as you can see from my profile pic) we have.
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June 12 2013
Profile picture for wetdawgs
Welcome to Zillow.  I'm sorry to hear of the medical bill challenges.

Lenders are under strict federal guidelines, so it isn't a matter of a lender making a personal decision unless you go to a hard money lender (plan on ~50% down payment and interest rates approx 3 times the market rate).

RTO/LTO is also a great way to lose money.   

While the theoretical concept of rent with the option to buy may seem attractive, some of the realities are considerably less so.

Owners who will consider rent to own are very rare, so it will cut down your options for properties considerably.   I consider it much smarter to spend a year or two working on improving your credit and (if necessary) saving up a good down payment.   Yeah, it is tough to move but it even tougher to lose a lot of money attempting to buy.

Some features of rent to own:

1.  Down payment required - often substantial (say 10%, 20% or higher) and is non-refundable if the potential buyer doesn't purchase.

2.  Monthly rental is above fair market rent, with the only amount going to purchase is the amount above the fair market rent.  This is also not refundable.

3.  If not qualified for financing at the agreed upon  time and price, then you lose everything. 

4.  The price is agreed upon at the beginning of the contract, and who knows where house prices are going.

5.  You still depend on the owner to pay their mortgage.   If they fail, you lose.

If you do get involved in this, please involve an attorney in the contract.
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