Can I buy the house I lease??
I have called several lenders and they are telling me there have been chages since my landlord wrote me a lease purchase agreement. They say I can't count the monthly payments since it was not in escrow account although I have the cancelled checks plus they say since we are related and he did not show the property on his taxes I won't qualify? I have been living here for 2 years with idea that I would own it. Where can I go, someone has to want to make a loan somewhere. I have great credit, have been working at the same job for 8 years, and I oay my bills on time. It makes no sense that I can go across the street and buy a house but not the one I live in. by paulin_735_185 from Dallas, Texas. Oct 24th 2011
Sarah N. Montes (FUNDINGNOW)
#60 ranked lender in Texas - 13 contributions
You can qualify for a home loan you just can't use the credit the seller is giving you towards the house. Just ask the seller to reduce the sales price.
Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 2,431 contributions
You are up against several issues here. Generally, if the lease agreement does not call for payments to be made to a title company, they don't have to be as long as the lease agreement spells out the correct amount to be applied towards the down payment and the Buyer can prove all of the payment were made and made on time. On a Lease-Purchase contract, only the amount above the customary rental rates would be considered for use towards the required down payments. If, say the market rent your home would be expected to fetch is $1,000 per month, and your lease is for $1,100 per month, then only the excess $100 would be allowed for down payment credit. When an underwriter is looking at a transaction, The "Arms length" of the transaction comes into play. A transaction between two family members is considered to NOT be an Arm's length transaction and is subject to much more scrutiny. Depending on the investor, this alone could be a deal killer. Also, since the seller is not reporting the rental on their taxes, you have a situation where one of the parties of the transaction is committing fraud. That is a reason other lenders would not do the loan.
Adrin Jenkins (Adrin@accuratecapitalmortgage.com)
#44 ranked lender in Texas - 8 contributions
I am not sure why you are having such a problem, please give me a call at your earliest convenience. My toll-free number is (877) 364-6102, ext. 83.Adrin JenkinsAccuRATE Capital Mortgage
Brian French (bfrench)
#11 ranked lender in Arkansas - 58 contributions
Would be more than happy to speak with you or we can begin e-mail communication. 501-296-9037 or bfrench@topflitefinancial.com
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