Posted by Eddie Montalvo on May 25, 1999 at 22:18:08:
The answer to your question is “no”. You are leasing from the sellers with an option to buy. If you are looking to buy the house you need to get a loan before your option expires, or you can do it creatively by taking the mortgage “subject-to” or putting it in a land trust and taking it over. If you do not understand the last two terms there are plenty of “How to Articles” that talk about them. If you are looking to put it under a L/O to then sanwich L/O it to somebody else, you do not need an assumable loan to do this either. I hope this helps.