Home Selling in La Crosse>Question Details

Rmor85, Home Buyer in Kennesaw, GA

Sell a home loaned through WHEDA as rent to own?

Asked by Rmor85, Kennesaw, GA Wed Sep 4, 2013

I'm just starting the process of getting my home ready to sell. My loan is through WHEDA. I would consider renting, but I already know you can't legally rent out a house with WHEDA. I know someone who is interested in buying as a rent to own. Does WHEDA allow this? Or would I be looking at having to refinance to sell this way? Would it be completely stupid to refinance my home just to be able to sell as such? I'm wondering because I may need to sell quickly and the person interested is looking at end of October. That's pretty quick..

Help the community by answering this question:

Answers

3
WHEDA expects that you are living in the home as your primary residence. Is there a reason the people who are looking at your home haven't tried to work with a lender? I work with many first time home buyers or people with less than perfect credit. I could always take a few minutes and discuss options or a plan to repair their credit? Let me know.
0 votes Thank Flag Link Mon Jan 13, 2014
In my experience WHEDA loans are for Owner Occupied properties only. When WHEDA finds out that you are no longer in the home they can call your NOTE due. I have seen this done a few years ago.
0 votes Thank Flag Link Thu Sep 5, 2013
Oh, and I'm current on my payments. Was late on one payment since I purchased in 2008 when I went on vacation and spaced. And I'm almost $10,000 ahead on my mortgage payments by paying extra here an there. I also have near perfect credit. Not sure if any of that matters!

Thanks for any help!
0 votes Thank Flag Link Wed Sep 4, 2013
Fantastic credit. This is so important in today's economy. In response to your rent to own, I do not believe WHEDA would allow it. The property does not transfer to the new owner and therefore they would look at it as a rental. This is an excellent time to get your house on the market. Depending on the price range and the location, you could expect a sale within 90 days or less in our current market. If you would like to talk with me about listing the property, please give me a call at 608-304-0374 or email me at katy@onlinecatles.com. Thank you.
Flag Wed Sep 4, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer