I have never spoken to anyone that is trying to do one of these that understood what will happen when it comes time to pay off the seller. The mortgage underwriter is going to follow the mortgage guidelines - NOT the contract between the tenant and the landlord. Why would anyone throw away their hard earned money without investigating what happens when it comes time to pay off the seller? No idea, but I promise, someone will read this, think I donâ€™t know what I am talking about and toss away their money just because they think it will work out somehow.
It is good to be optimistic but also important to be realistic. Whatever you think the timeline is to fix the problem(s) that is keeping you from getting approved for a mortgage, triple it and that will be more realistic.
Last but not least, anything you do to try and "work around" the system that is in place to protect you is probably not a good move. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Lease Options are very hard to find in this market
I am a Mortgage Loan Specialist
If you are interested in buying eventually, perhaps it may be wiser to just buy now, if possible . Pls contact me and I will review your info
As for the Lenders, it is not a problem ( Lease Option) , once you eventually get a purchase contract, we will go by that