i am asingle mom looking to purchase my first home with a lease to buy option. the owner only wants 5K and for me to assume the mortgage. I am looking for any program or lender that can help. My credit is not the greatest.
2007-10-12 09:58:57 · 4 answers · asked by Monica H 1 in Business & Finance ➔ Renting & Real Estate
The lender will also have to approve you to take over the mortgage, plus you will need closing costs, and the home will have to be appraised more than what is on the mortgage, or mortgages. In addition you will need to have sufficient verifiable income to do this. Lease to buy is normally not a good option financially speaking.
2007-10-12 10:05:33 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Ok so say you give him 5k and you take over payments. IF you are making those payments to him and he doesnt send to the lender you will be out 5k and out on your hiney.
IF you pay the lender directly, they can call the loan and if you cant get a loan for the house right then,,,,,,,,,you again are out on your hiney.
Not a good idea.
2007-10-12 18:18:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
let me very honest.. If you do not have $5000 in cash, do not get into a lease option... I offer lease options all the time, but would not take your money for one main reason, I don't feel as though you are in the position to actually exercise the option and would loose your down payment, which you have financed... This sounds like it could be a VERY slippery slope for you... Rent, save, then buy... SMD
2007-10-12 17:14:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the financial institution will want collateral...what do you have as collateral...since you will not be mortgaging the house?
most likely this would be a credit card advance or a signature loan with your bank.
good luck :)
2007-10-12 17:03:55 · answer #4 · answered by Blue October 6 · 0⤊ 0⤋