What type of loan is this call?
2006-07-05 01:42:51 · 8 answers · asked by Deborah K 1 in Business & Finance ➔ Renting & Real Estate
LoL. No
I'm afraid you will have to ask your landlord if they'd be willing to offer a lease option first and then you will have to start your lease option to purchase credits from scratch.
The credits that you recieve on your option and all aspects of the option to include actual purchase price, length of option period should be expressed in a lease option purchase agreement.
You should begin working with a Mortgage Lender however so that you are ready to exercise your option to purchase as soon as your lender says YES.
The option agreement should be recorded w/ public records and the agreement terms should be understood and agreed to based upon your thorough understanding of the terms.
Options work great with a renter who is willing to buy but has not so perfect credit and a landlord who doesn't want to be a landlord.
2006-07-05 03:26:59 · answer #1 · answered by Clint P 2 · 0⤊ 0⤋
No, unless it is a lease purchase agreement. If this is the case then a certain amount of the rent payment will go toward the down payment. You will be paying more than you would if you were just renting the home though. You have to make sure that you get everything in a contract though. Before you sign anything make sure you read it.
2006-07-05 09:21:53 · answer #2 · answered by steelerspride24 3 · 0⤊ 0⤋
No. Rent is rent and a mortgage is a mortgage.
If you have a "lease-purchase" agreement, then it depends on what your contract says, but the lease payments are then still only lease payments and could lower your overall purchase price... again, depending on what your agreement with the seller is. It still doesn't affect the mortgage.
If you rent for a while and make your payments regularly and not late, then that'll help your credit score, but that's about it.
2006-07-05 08:50:44 · answer #3 · answered by scubalady01 5 · 0⤊ 0⤋
No. You can't unless your original lease agreement / rental agreement specifically stated there was an "option to buy". Then the terms of the lease would have specific language discussing purchasing the property as opposed to leasing it. Options to buy usually apply to other products and in the case of real estate this is highly unlikely, if not unheard of.
Purchasing real estate carries other legal documentation eg, mortgage, deed, abstract, a title, etc. that other products you may borrow money to purchase do not.
Again, it's very unlikely your past rent paid will apply to any sort of purchase toward real estate.
2006-07-05 09:20:55 · answer #4 · answered by scubadiver50704 4 · 0⤊ 0⤋
if you live somewhere and the people want to sell it there is a "lease to own" option that you can take advantage of in which you pay rent and slowly buy the house.
2006-07-05 08:46:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you should speak with a mortgage loan officer, not yahoo answers. call a local bank or mortgage company, and i'm sure they'll be happy to help you out!!!
good luck with this!
2006-07-05 09:42:01 · answer #6 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
I would be wary of an arrangement like that.. just sounds fishy. Maybe if you know the owners or they are close family, but there would be too much grey area otherwise.
2006-07-05 08:48:55 · answer #7 · answered by American 3 · 0⤊ 0⤋
only if your lease has a rent to own clause
2006-07-05 08:46:40 · answer #8 · answered by glenn b 2 · 0⤊ 0⤋