Hope this helps.
Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | email@example.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
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.
ULTRA Real Estate Services
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
http://www.lynn911.com 100's of Dallas homes listed for sale or lease
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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!