You are better off just Renting. I just did a lease/purchase. The tenant/buyer signs 2 contracts. 1 to Rent (for a determined time & price); and signs a contract to purchase. Lease w/ an option to buy appears to be irrelevant?
There is no commitment on either side. No price determined. No time frame. Just Rent. Then when you are ready to purchase, you will have your choice of ALL AVAILABLE HOMES ON THE MARKET that meet your criteria!
And if you want to purchase the condo you are renting, ask the owner @ that time.... more
An AVM is NOT an an appraisal. An AVM is an average or range of home prices based on a determined area around a subject home and should not be used as a substitute for an appraisal. It is doubtful that any bank in this economy would use an AVM for a Home Equity Line of Credit.... more
2 Years is normally the amount of tax returns that most mortgage companies require. Since he is not self employed, they will count the base salary as the biggest part, however, after 2 years, they can count commission as well, because banks feel that this is a long enough history to consider it a trend. In many sales jobs, they also give 1099s in addition to W2s, so make sure that he provides that as well. Also, depending on how the credit checks come back, you can put one or both of your names on the loan. In the state of NJ, after you are married, it is considered both of your property should anything ever happen (sell house, equity lines, death, etc)... more