Jeanell Moul…, Renter in 19135

The home im interested in has just dropped another 15,000 in price but i do not qualify for a mortgage. how likely is a seller to lease instead?

Asked by Jeanell Moultrie, 19135 Sun Feb 27, 2011

I will probably need to get a cosigner either way (I recently changed jobs so now I don't have the "job history" that moast loans require) but i am more likely to get someone to help me in a renting situation than buying...the home I have my eye on keeps dropping in price so it seems like the owner is trying to get rid of the property asap....in a situation like this would it hurt to ask if they would consider renting it out instead?

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Answers

10
Changing jobs does not automatically mean that your income will not be considered.
What job did you have and what job did you get and how long were you laid off in between.

Alan
0 votes Thank Flag Link Sat May 19, 2012
Changing jobs does not automatically mean that your income will not be considered.
What job did you have and what job did you get and how long were you laid off in between.

Alan
0 votes Thank Flag Link Sat May 19, 2012
All you can do is ask. Call the listing agent and ask if there is any way possible to do a rent to own or owner financing.
0 votes Thank Flag Link Sat Mar 12, 2011
Sit down with a lender to see if you qualify to buy. have your agent call listing agent to see if the seller will consider renting it. Some sellers rent out the home if it does not sell.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Fri Mar 11, 2011
just ask instead of wondering...doesn't cost you anything to ask...i wouldn't hold my breath.
0 votes Thank Flag Link Sat Mar 5, 2011
Hi Jeanell~
Similiar to the below responses, the seller may be willing to rent depending on the reasons he is selling. If you don't feel comfortable calling and asking the seller or the real estate agent (if its listed with a realtor) , I would be happy to do it for you.

As far as the mortgage. Even with the lending enviroment being tight, guidelines do vary amongst mortgage companies depending on your credit, income etc. As far Job history, for FHA loans, as long as you are in the same field for the past 2 years changing jobs should not disqualify you.

Ruth DiRienzo Whitehead
Keller Williams Real Estate
300 Welsh Road, Bldg 4, Suite 145, Horsham Pa 19044
215-280-3949~ Cell
215-657-8100~ Office
e-mail: ruthdw@kw.com
0 votes Thank Flag Link Mon Feb 28, 2011
If you were disqualified from one bank it is a good idea to go to a professional mortgage broker. There are a couple that have answered you r question. I am a Realtor from Northeast Philadelphia. We are located at 7942 Bustleton ave (Rhawn and Bustleton), if you like any assistance please feel free to give me a call.
My office number is (215) 725-5700.

Thank you,

Jim Whalen
V.I.P. Realty Corp.
0 votes Thank Flag Link Mon Feb 28, 2011
If there has been steady price drops and the property has been on the market awhile, leasing may not only be beneficial for you but for the seller as well. One thing to consider is if the seller occupies the property. If they do, they may need to sell to have enough money to move. But at the end of the day, the worst the seller can do is say no so it cant hurt to ask. If you need help, please give me a call. Thanks.
0 votes Thank Flag Link Mon Feb 28, 2011
Hello Jeanell,

Changing jobs should not affect qualiifcation unless you have gone from a salaried position to one of commision. As for the lease option it never hurts to ask.

Best Regards,
Alan Openshaw
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
Fax 215 953 1706
Cell 267 992 7276
Voted Best of Bucks 2010
0 votes Thank Flag Link Mon Feb 28, 2011
Hi Jeanell,

Don't sell yourself short! Have you gone to mortgage professional to discuss your ability to qualify to buy this home? Look for a local licensed mortgage planner with a CMPS designation. Just because you changed jobs doesn't necessarily mean you won't qualify for a mortgage.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund in-house, FHA, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
0 votes Thank Flag Link Sun Feb 27, 2011
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