I am renting with an option to purchase. I paid a $2000 down payment to the owner and I have been paying $575 every month on time since. I have to get financing to pay him off, with the $2000 deducted from th selling price. What type of financing do I need being that I have been living in the residence for over a year?
2007-10-30 07:58:44 · 3 answers · asked by tetrac7 1 in Business & Finance ➔ Renting & Real Estate
You will need financing to cover the stated purchase price of the house, less the $2000 downpayment he has agreed to credit you at time of purchase. The financing you obtain will be no different than that of purchasing a house in which you have not lived.
What you have done is rented for a year, with a guaranteed option to purchase by paying down the $2000.
2007-10-30 08:05:36 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
as a fashion to "sell your dad ten acres" you're able to have mandatory to legally subdivide the land by way of a ideal technique with the county. as a fashion to cut up the land you will could legally own it and it feels like with your contract sale you do no longer own it outright yet. you will could repay the stability of the own loan and then call your county and ask the thank you to start a subdivision technique.
2016-11-09 20:50:41 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Sounds like you need a traditional mortgage.
2007-10-30 08:02:37 · answer #3 · answered by Anonymous · 1⤊ 0⤋