PrettyinPink, Home Seller in Oklahoma City, OK

If i lease to own my home can I be approved of another loan?

Asked by PrettyinPink, Oklahoma City, OK Fri Jun 19, 2009

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5
Rose Wilkinson’s answer
If you are in this situation, I have a way where you can knock out the debt on your rental home so you can qualify for a new mortgage. Realtors, give me a call if you have clients in this situation, especially ones that have had their houses on the market for 90 days or longer!

I buy houses, 405-881-5958

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0 votes Thank Flag Link Wed Oct 30, 2013
Both are great answers. Just wanted you to know I have leased several of my own houses before and have learned that some lenders will not count the leased home payment as debt against your income/debt ratio, so long as you have an enforceable lease agreement. However, each lender is different, as has been stated below. Any other point also, is to make sure the tenant pays you by check or money order or some way other than cash, so the lender can have copies of the payments being made by this third party. That is the proof, or "icing on the cake" that someone else is making the payments as claimed. This helps the underwriters determine your worthiness to acquire a new loan, sometimes! Remember you are still the liable party for the property, so that is why each lender treats this situation differently.
Let me know if I can point you toward some Lenders, that can help you, too. Anything else you need, please don't hesitate to ask.
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1 vote Thank Flag Link Fri Jun 19, 2009
Hi PrettinPink,

All the answers you've received so far are basically correct. There are many factors that need to be taken into account before your question can fully be answered. But the first thing you need to do is talk to a lender. Only a lender can give you the answer you need. If you do not have a lender that you feel comfortable with, please contact me and I will be happy to refer you to a professional who will work with you.
0 votes Thank Flag Link Wed Oct 20, 2010
Ryan is right you should talk to a lender about your options. There are so many factors that come into play that any answer we give you here would be incomplete.
0 votes Thank Flag Link Fri Jun 19, 2009
It depends on many different factors, which include your income, your credit history, your downpayment, and many others. If you'd like to find out for sure, I'd be happy to refer you to some great lenders that would be happy to work with you without pressuring you into something. Just let me know.
0 votes Thank Flag Link Fri Jun 19, 2009
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