is there any options I haven't been made aware of for purchasing a home when spousal suppport is my only income?

Asked by Tracy, Eastlake, OH Sat Apr 28, 2012

I have approx. 50 grand to put down but am not really having any luck getting financed. I'd like to borrow approx another 50 for a total of 100 grand. any suggestions?

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Sara Calo, A…, Agent, Mayfield Village, OH
Sun Apr 29, 2012
Greetings. With such a nice down payment amount you might be a good candidate for the lease purchase/land contract. You have to find the right seller for that. Let me know if I can help,you.
1 vote
Ken Chambers, Agent, Strongsville OH 44136, OH
Fri Jun 21, 2013
Though your "ideal scenario" may not seem to materialize in the immediate, you may want to consider the option of purchasing a home for the $50,000 you have on hand, I recently worked with my client to find a suitable home for them to purchase for lLESS THAN $50,000 in a neighboring suburb and the home had many updates such as new roof, furnace, and updated electrical...If you can purchase the home with no mortgage you can then begin to build equity and you are avoiding paying rent as well ...

Option # 2 may be to find a Seller who is willing to aid in a "rent to own" scenario where a portion of your rent would go towards eventual ownership of the property-bear in mind however that often there are stipulations which could include a sizable downpayment as well as voiding of the option to purchase if your rental agreement is not fully satisfied (example: rent payments are delinquent, etc...)

These options may not be a good fit for all, though some have benefitted greatly from these strategies.
Let me know If I can be of assistance!

Ken Chambers, Realtor
0 votes
Goldenhearts…, Home Buyer, Fairport Harbor, OH
Fri Jun 22, 2012
we have a Beautiful double wide manufactured home in golfway pines for sale $46,000
3 bedroom 2 full baths ,all stainless steel appliances, washer and dryer stay new coverd back patio beautiful landscapeing, no garage , but a nice size storage shed ...there is a lot fee $360.00 a month
this is the most beautiful park around ..we also have a georgeous community center :) if you would like more info or to come and see it please call 1-440-477-3435
0 votes
Nancie Grgur…, Agent, Mentor, OH
Sun Apr 29, 2012
A lease purchase may work for you. Let me know if you have questions about that.
0 votes
I've heard of these, but I'm not exactly sure how they work so I guess I have some fears about it. First, wouldnt the seller have to agree to this, and how likely is a homeowner to do one. My other concern is I've heard theres a large balloon payment at the end, what if I dont have it?
Flag Sun Apr 29, 2012
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