With a lease purchase the forst thing you need to do is to get prequailified, you need to know what price range you should be in, what you will need to do to be able to get a mortgage to complete the purchase part and how long it will take.
2005 and 2006 were good years, but after running a market on the local MLS it looks as if dollars per sq ft sold since 2005 has gone up by $10.00, I am thinking this has to do with the large amount of foreclosure properties we have had in the area over the last couple of years and then them getting resold for more. If that is taken in consideration I would say from 2005 to 2010 we are about flat.
Thank you, Donovan Wilkins
ERA First Advantage
Scottie--I would also encourage you to contact a Certified Residential Specialist in your area and ask them to provide you information. They are REALTORS that have the advanced education and sales experience. They will also know of some reputable mortgage providers that can provide options to you. There is the opportunity for some homeowners to secure FHA loans as an alternative method of financing. Often times in this area, owners will just vacate without researching available options. There is sometimes equity in the home so that the owner could have sold the house to keep from a foreclosure and retained a better credit score. Check out your options early in the process with knowledgeable professionals. There are two websites that provide lists of CRS designees in your desired area: www.CRS.com or www.IndianaCRS.com. I'm in the business and those are the avenues that I would take to learn of the options that might be available. Good luck!... more
Hi Scottie. Whether you'd be able to get a loan before the foreclosure on your current home will really depend on your income and your credit score. Since you may be facing foreclosure, I have to conclude that you don't have enough money to make your payments on the current loan and that you'd not qualify for a second loan even if your credit score were still good enough. The current loan will definitely count towards you debt to income ratio and you can't say that they should ignore those payments because you'll be going into foreclosure anyway. This may be not what you wanted to hear, but unfortunately, it's the truth. You should talk to a mortgage professional to discuss your options. You may also want to try to negotiate with your current lender to see if they are willing to refinance to avoid foreclosure. You could also look into short selling, but I don't know if you'd qualify for a hardship since I don't know anything about your situation. Good luck to you.... more