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Old 08-14-2013, 07:21 AM
 
1 posts, read 1,301 times
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Does anyone know of any rent to own or owner financed homes in Germantown, MD.
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Old 08-14-2013, 03:08 PM
 
Location: University Park, MD.
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I hate to say this but with interest rates as low as they are, it will be very, very difficult to find an owner finance home. No motivation for a seller to offer financing. The stats on rent to own are pretty dismal as well. As I recall fewer than 5% of people that enter into those deals ever actually end up buying the home. Likely because they aren't able to save that down payment/ closing cost money that's needed to finalize a purchase.
There are programs that can help first time buyers with little or no money for down payment, or shaky (but improving) credit.
Look into the NACA program. They offer program participants below market interest rates. If you do have some money for a down payment, say 3.5%, you may also qualify for an FHA loan.
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Old 08-15-2013, 08:40 AM
 
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Would you suggest going the NACA route or the FHA loan route? When I google NACA, there seems to be a lot of scams / general distrust and it appears its hit or miss with those who utilize it.
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Old 08-15-2013, 08:46 AM
 
Location: The Triad
34,090 posts, read 82,975,811 times
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Quote:
Originally Posted by nikkinicole901 View Post
Does anyone know of any rent to own or owner financed homes in Germantown, MD.
Wouldn't you rather buy a home that will pass inspections and appraise well?

As noted... a qualified buyer can do pretty well through traditional financing.
And if you *aren't* qualified on those terms then you really shouldn't be buying.
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Old 08-16-2013, 04:45 PM
 
Location: University Park, MD.
25 posts, read 41,040 times
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Quote:
Originally Posted by missdiagnosis View Post
Would you suggest going the NACA route or the FHA loan route? When I google NACA, there seems to be a lot of scams / general distrust and it appears its hit or miss with those who utilize it.
The NACA program can be complicated and rather time consuming honestly. That said, it is a great program for those that need it in order to buy a home.
FHA is certainly an option as well; there are also some banks (Wells Fargo is one I know) that also offer low down conventional loans with as little as 2, 3 or 5% down! If you message me directly I can put you touch with someone that can give you all the details. I was just talking to him today and he said people with scores as low as 640 can qualify for those low down programs.

Good Luck! And f you need any help finding a new home, let me know. I'd be honored to help.
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