I would recommend screening the prospective tenants a bit more before committing. You should have a standard application that you give everybody. It should include social security number, references from past landlord and employer (no friend or family references), and meet them in person for an interview. Unfortunately people can change and may put on a show to get the apt but do as much research on them as you can.
No, unfortunately first time mortgage loans of this type are not madeâ€¦ In the past, 6 years ago, lenders were tricked by unethical mortgage brokers who found a way to give buyers money back at closing. This caused mortgages to be taken on for amounts the home was not worth.
However, there does exist a 203K Loan product which gives the buyer money to repair the home after the lender approves of the repairs..... more