are fha loan available for rent to own financing?

Your question is not real clear. If you are currently in a Rent-to-own situation, then yes, FHA could be available. You would need to meet all of the other FHA requirements and the portion of your rent that the seller is crediting toward your equity is based on a fairly explicit formula. You would have to show that you paid each payment that you're are receiving credit for, and the lender will be required to deduct from the amount you paid, the portion that represents a "fair market rental rate". As an example: If you are renting a home for $1,500 per month and the arrangement calls for $1,000 of your rent to be credit toward your purchase of the property. The lender is going to calculate what the actual fair market rent is and deduct that from the scenario. If the fair market rent for the house is determined to be $1,200, then you would only be allowed to use the $300 difference as a credit toward your purchase. If this does not answer your question, please write back with more details. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

There are no FHA Loans for rent to own. When you are ready to purchase the property then you can apply for a FHA Loan to purchase the home.

Rent to own financing is not a loan.. it's a lease, and FHA does not rent/lease properties.. In fact FHA does not lend on homes either.. FHA insures loans against defaulting borrowers.. If you get a loan that is insured by FHA and you default, then FHA pays the lender a portion of their loss. However, with a 698, you should be able to purchase a home assuming you meet all other eligibility requirements.. to find out for sure, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Your score is fine, you just need a downpayment and other qualifications to obtain a mortgage. The best ratess are for scores over 720 and higher but you'll get a competitive rate. Good luck