Posted on: 09th Jan, 2009 07:54 am
If there is no hope for a mortgage.. is seller financing acceptable to offer the seller instead?
Can he add us on to the deed and we make the payments and re-fi in a year?
I don't know much about the lease to buy option. But all I know is in a year I don't want to question whether the house is mine or not. We have 10-15% to put down. In a year is another downpayment required once we move the loan to a bank? Because that, we can't afford 2 downpayments.
I'm clueless on this, but I need help! This may be our only alternative.
Can he add us on to the deed and we make the payments and re-fi in a year?
I don't know much about the lease to buy option. But all I know is in a year I don't want to question whether the house is mine or not. We have 10-15% to put down. In a year is another downpayment required once we move the loan to a bank? Because that, we can't afford 2 downpayments.
I'm clueless on this, but I need help! This may be our only alternative.
amkstef, you've made no comment on the reason you'd need to seek seller financing. is this a credit issue? for my money, if i was a seller asked to provide financing, i would insist on seeing a credit report so i could know how likely it was that i'd get paid back. so...if it is truly a credit situation, i'd think an informed seller might be quite hesitant.
as for adding someone on a deed...i don't think you'll find that as a viable solution. lease to buy is a possibility, i suppose. in that case you'd not need (i assume) your down payment until the year was up. i would advise you not to offer your down payment in that event; but merely a security deposit (which would be a partial down payment in itself).
but if you can explain why "this may be our only alternative," then we might be able to better guide you.
as for adding someone on a deed...i don't think you'll find that as a viable solution. lease to buy is a possibility, i suppose. in that case you'd not need (i assume) your down payment until the year was up. i would advise you not to offer your down payment in that event; but merely a security deposit (which would be a partial down payment in itself).
but if you can explain why "this may be our only alternative," then we might be able to better guide you.
Thank you, I shoud have put this as Part II of my post!
Yes it's because the bank changed their conditions as of Jan 2. Our credit is excellent. My husband has 750+ score, and about 65k in assests that can be verified.
Yes it's because the bank changed their conditions as of Jan 2. Our credit is excellent. My husband has 750+ score, and about 65k in assests that can be verified.
If your credit's good, then you should get a mortgage. And didn't you ask the lender why it changed the conditions?