All these rent-to-owns!

[FedUpInFtMyers]

Originally Posted by hiknapster

Well, I definitely have money for closing costs, and for about 3 percent down. Our income to debt ratio is very good. Moderator cut: too personal and own everything. It is just that darn high down payment.

I'm going to go to the bank on Friday and get a very small loan. That should get me another credit line, which will probably get me a credit card a little later.

I'm not going to give up.

I'll also try to see if I can find a real estate agent that may work with me. I have no idea why Wells Fargo was like that, but to heck with them!

I felt really horrible last night, but it was so great to wake up to these posts and read them at work all day. I actually had a great day at work because of them!

Y'all have been great! You will never know how much this has meant!

First of all, Hiknapster, congratulations on your job promotion not to mention for being such a dedicated, hard worker that you have been going to work when you weren't feeling well.

Having been in the mortgage business for some time now, I feel the need to offer two more suggestions: When you think the time is right to apply for a credit card, get a major credit card (as the interest rates are typically lower than that of a department store credit card); and be careful when you are receiving "creative financing" as many people - at least down here - went into 80/20 ARMS that adjusted in two years (the intention was to refinance them into a fixed rate conventional at the end of two years); however, many of those people, myself included, cannot refinance and will need to pay the increase on the mortgage payments when they adjust due to our home values declining rather than staying steady or appreciating. At present, we are negative on our mortgage by $16,000.00, and since we are looking at relo hopefully sooner than later, there is no way that we want to even attempt to scrape up that $16K or possibly more by the time October rolls around (when it would be time to refinance). It would be best to use those funds elsewhere - if we actually had that kind of money on hand. No idea what the RE market is doing up there, but it is just something to keep in mind. In the meantime, hang in there and try to be happy where you are and with what you do have. I have a new mantra for you each day: "I may not be where I want to be or think I should be, but THANK GOD I'm not in Fort Myers anymore!" ha ha You'll get there. It is all about timing. There's something out there right now that is meant to be yours, and when the time is right, those doors will just open right up for you, and you'll be so surprised because it will be better than you would have ever planned for yourself. Closed doors, while painful, are oftentimes blessings in disguise. Be patient, and be grateful, and you'll see. (Hard lessons learned while I'm here in Ft. Myers.) Take care.

[kar]

Hi hiknapster-

Congratulations on your promotion !!!!

[Jza]

Nice work getting promoted hiknapster. Hope you get your house and live happily ever after.

[LauraC]

Originally Posted by hiknapster

I am so excited! I've had a kidney stone for two days but came to work anyways, and boy did it pay off.

I guess it is always darkest before the dawn!

EGADS! You could work/drive/function with a kidney stone? I know that pain. Congrats on the promotion.

[hiknapster]

Today was a very great Valentine's Day.

First off, after over a week of excruciating pain, I woke up to no kidney stone!

Then, I get home and in my mail box is my pre-approval for a $100,000 mortgage from Wells Fargo, complete with the 3 percent down that I wanted. Now, I really doubt that I will go with them, because I think they are pretty weird folks, but wasn't that a nice surprise?

Happy Valentine's Day!

[Travellink]

Here in Miami, Florida the government be it county, city or state have special programs for first time home buyers. There is also an FHA mortgage they only require like 3% of the down payment for first time home buyers. That (FHA) is believe is federal so you should be able to apply for that according to the information you had previously posted.

There's a website I believe..."www.acornhousing.com" or Acorn Housing if you can't find it in the search engines. Anyways they assist first time home buyers through different types of programs. If you don't have the down payment they give you that. If you don't have the closing costs they work with Lenders (Major Banks Only) which through Acorn will approve you and possibly offer you the closing costs in the deal. If you are approved they usually have specials where you can get the interest rate through Acorn Housing approved at 3/4 of a point less than the prime interest rate. Example. A friend of time got her interest rate with them at 4.75% fixed rate when it was 5.5% fixed rate for 30 years. Ask them what specials if any they have at the time you contact them.

Contact your city -mayor's office and ask Clerk's if the city offers home buying assistance to low income first time home buyers. If they don't which I really doubt...ask them if they know of any such programs or numbers you can call about the topic....you might be surprised to find lots of help. Of course, if you get the loans or in some cases if you qualify grants (which means you don't have to pay it back) if are a little strict and require paperwork and documentation to back you up.

I am sure you will find help....Up in Tennessee according to your notes you don't get approved if you don't have credit....here in Miami if you have none or a little good credit they most of the time consider good credit...because they see that you don't have large debts.

Anyways I hope this information helps you and others. Moderator cut: cut

[SolorzanoAssociates]

Originally Posted by hiknapster

The local Thrifty Nickel has a whole page devoted to rent-to-own mobile homes. What is up with that? And we see a lot of signs for rent-to-own on the side of the road. Some are for houses, too.

Are these scams?

I also see a lot of ads for mortgages that say they will qualify anyone.

I've never seen this many ads anywhere else. Just in Knoxville.

I've really been wondering about this.

I'm so desperate to get into a house that I am afraid that I will jump at something stupid.

Oh, and there is a girl that just came on this forum saying that she knows of these $69,900 homes in Sevierville. She told me in a PM that they put them up in a week. Wouldn't that be bad?

I'm pretty smart, but I don't know much about buying a house and I am so afraid that I will do something stupid due to lack of knowledge and deperation. Looking around the internet for information seems useless. Lot of advertising and conflicting information.

My sister-in-law got a mortgage a few years ago, just before the housing boom in Florida. She had a couple of repos and evictions, terrible credit to no credit, and no money down. I was stunned. Of course, she never made ONE single mortgage payment. If she had, she would probably be rich today. It makes me sick.

I just want a house so much. I am 45 and never owned my own home!

I've been dying to ask these questions but was really afraid to ask!

Thanks to ALL info and suggestions!

Okay I'll introduce myself, just moved here to TN from Florida and as for the manufactured homes, I think there repos that people couldn't afford. Sad but its my guess. And as for Mortgages I am not trying to sell myself in anyway but I alsways come across people as yourself looking for free no obligation information. Moderator cut: advertising links not allowed Good Luck.

[john t]

Whatever you end up doing, do not go for any "creative financing". It never works out well in the long run.

Just rent till prices drop, they're on the way down as we speak... The subprime, Alt-A crisis is just tipping the iceberg, lots of price melting to come.