Home Buying in Watauga>Question Details

Stephanie, Home Buyer in North Richland Hills,...

We were approved up to $120,000 home loan but my fiance's student loan stopped us. Just found out about rent to own options. Can realtors find these?

Asked by Stephanie, North Richland Hills, TX Wed May 29, 2013

The student loan is $60,000 and even though the loan is in his name, my fiance's father is the one paying for them. So, that's not part of our monthly budget.

Help the community by answering this question:

Answers

5
If you can show that your fiance's father is paying the loan and has been for over 12 months you may not need to include that in the debt. Not always the case because the debt belongs to your fiance but some lenders will allow things like this. Also, you may look at options to refinance the student loan at a lower interest rate with lower payments. That may help you qualify.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Thu May 30, 2013
Please give me a call at 817-875-8214 or visit my website at http://www.ladytheresathombs.com. Let me know how may be able to help.

Sincerely,
Lady Theresa Thombs, DJ, CNE, CDPE, SRES, FABI
0 votes Thank Flag Link Wed May 29, 2013
Stephanie---

I seem to remember your name from a previous post on here. No? In any case, you should contact me directly right away.

You may still be able to get a loan to buy a house, but I fear that somebody is not telling you the whole story. I have been counselling buyers for 33 yrs, and we have always been able to work out a solution to the problem. I know a lot about mortgage financing, so call me.

As for the "rent-to-own" scenario: It is not one you want to get involved in. Too many scam artists out there. Many "buyers" thought they were buying a house while renting it, only to discover the owner skipped town with all their money, and then the bank foreclosed and kicked them out of the house! They lost everything.

The Texas Real Estate Commission will not allow a Real Estate Agent to write a contract for a "lease-to-own" situation. You would have to hire an attorney, and most smart attorneys won't touch it either. Too fraught with risks, and too easy for somebody to file a lawsuit and win it. Both parties are at great risk, but many people do not understand the laws. I have been trained by an attorney on this topic, so trust what I am telling you for free. Protect your hard-earned money, and let's get you a house another way.

Call me!

Rick DeVoss

ULTRA Real Estate Services
817-300-6121

email: WholeLife@Yahoo.com
========================
0 votes Thank Flag Link Wed May 29, 2013
It does not matter IF he father is paying for the loan . It is in your fiancé's name therefore if his father should ever default on the payment your fiancé is responsible for the debt.

I would determine away to reduce your debit / income ratio perhaps reducing student loan debit then reapply for a mortgage.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Wed May 29, 2013
Hi Stephanie
Realtors do not have any forms that cover these types of transactions. There are too many variables for a standard promulgated contract to handle. You would need to consult an attorney and please make certain that you understand the terms clearly. Many people have trouble with these types of transactions. Best of luck to you!

John Straub
0 votes Thank Flag Link Wed May 29, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer