Posted by Michael Morrongiello on May 04, 2000 at 24:15:28:
If your payment history on the lease has been timely and can be clearly documented for the last 12 months or longer you should be able to seek a “sub prime” lender that can work with you.
Another option to consider is to aproach the seller and see if he /she would prefer to have their cash sooner rather than have to wait out the option time frame. They can agree to roll you into an owner financed or seller financed mortgage that if structured correctly can be immediately converted into cash proceeds to them. Yes there will be a discount upon the sale of the mortgage, but you will avoid a lot of other lender “junk fees” like: origination points, broker fees, prepaid escrow set up fees, survey fee, tax service fee, application fee, etc. The rate and terms may be more favorably that what you are able to obtain from a sub prime lender.