Posted by Michael Morrongiello on December 26, 2000 at 20:21:11:
If you can document that you have paid timely on the rental payments to date and they would be comensurate with what a mortgage payment would be, here is a way to go that will allow you to close FAST and almost custom tailor the repayment terms:
The seller would agree to “roll over” your lease purchase into a 1st lien Seller financed mortgage & note. This 1st lien mortgage and note if structured correctly would then be sold by the property seller at the SAME time you complete your purchase of the property and will provide the $190K +/- cash proceeds to the seller that the seller wishes to receive.
The beauty of going this way is that there will be NO points, NO application fee, NO prepaid escrow account expenses, NO PMI, NO lender so called “junk” fees, and NO prepayment penalty on the financing.
You get into the home, and then after a short period of time (12 -18 months) you can successfully do a refinance Loan (which is a whole lot easier to do that a purchase money loan)and try to obtain the VERY lowest rate you can qualify for.
To your success,