Home Loan---advice please send me pm:) Thank you!!

[eccienewbie]

Just carry a pic of your avatar to the bank. That should get you a sub-prime interest rate on the entire amount.

[yewhew]

Besides the seller providing a source of second mortgages there are some financing sources who also do. I haven't worked with any personally but they can be found by googling second mortgages in dallas. I imaging though, especially given the limited amount of financial data that it would be expensive money. However you need an idea of how many dollars of payments you are truly comfortable making. You need that even before you see what you can get financed. It wasnt long ago a large number of folks got financing for properties they really couldnt afford to make payments on.

[Guest010719-1]

Originally Posted by eccienewbie

Just carry a pic of your avatar to the bank. That should get you a sub-prime interest rate on the entire amount.

I wish it was that easy EccieNewbie...lol!!

[Guest010719-1]

Originally Posted by Rehke

I feel ya, I really do. Even us guys do leave a bit of our hearts and souls in our homes.

I think it helped me that I really didn't invest emotionally in a home until I had bought a house. I hope that makes some sense?

Spend your time making sure your credit is as good as possible, and be aware that even credit inquiries have an affect on mortgage financing! Do your research on the entire process. I was very, very lucky that I got a personal recommendation for a real estate agent who was able to guide me to a good financing company who guided me though the entire process in a honest and forthright manner.

I can see where there's a lot of potential for making mistakes along the way.

Also, have you had the house inspected? Even if you have been living there, do this!

Saving is a good idea, the more down payment, the easier and better terms you can get on financing.

I'm sure there are others here who have even better advice!

I think I am going to go to the bank that he has his mortgage loan...letting them know that I have been leasing his property for over 2 years and would like to take over is mortgage loan??? I have only visited 1 broker so far..
Really thinking of doing the lease to own thing...I will have no problem getting a loan after I file my 2014 taxes

[joefish5413]

well i would love to help with your down payment your smoking hot

[Luv4Fun]

Credit is still tight. Apply for a mortgage with your present bank. They already know you and are the most likely to make the loan. Second would be to go to his bank and explain the situation. Might help to have him with you. Mortgage brokers are good but don't have any skin in the game and the entire market is risk adverse right now. I only have experience with my credit union and they wouldn't loan a billionaire a dime if they couldn't prove everything twice.

On the renting with an option-to-purchase, just make sure everything is in writing and pay the $300 for a lawyer to proof it. Most of the people who get screwed on rent-to-buy plans don't have everything in writing. Lawyers are expensive but you pay it and move on. Getting screwed out of the house you want is a lot more expensive and long-term painful!