Get The max for FHA is $350,000. For a conventional loan you will have tput down 20% to avoid private mortgage insurance. If you can put 10% down then you can get a 2nd loa for the other 10%. Good luck!... more
It's important that you speak with an attorney, as my fine compatriots have stated. That being said, there are a few factoids...issues to be aware of and look at as they may or may not have bearing on your situation. First, if you have a bonafide lease, and it sounds as if you do, since you made it in good faith, and were not in "cahoots" with your landlord to defraud the bank, you would fall under the new protection of the legislation passed called, "Helping Families Save Their Home Act". The link to this legislation is below. In a nutshell, the bank must honor your lease if, in fact, the property is foreclosed upon.
Your landlord may actually have proactively taken action to protect your rights, and his position. By having an executed bonafide lease in place, his lender may very well be disinclined to take sudden and aggressive action against him in foreclosure, and may be more apt to consider a work out program to avoid foreclosure. Since the bank would have to take your home back, subject to your lease, and therefore would have to either hold the home - possibly using a court appointed receiver for the rents, or at the minimum, incur additional costs and liability for managing a rental vs a vacant house - or barring that would have to sell to an investor for significantly less than fair market value in order to find someone willing to take the risk of eviction on - the bank has far more incentive to work with your landord.
I suggest that you speak to your landlord. Consider the possiblity that he is actually helping you, and see if you can be a good team here to help both of your causes.... more