Am I eligible for ANY type of loan?

[sigep0361]

I am currently in year 2 of a 3 year owner finance agreement where I need to secure my own financing by September 2015.  The owner is "considering" a 2 year extension but is very hesitant. 

My situation:

I'm a student not earning a great deal of income but I have a sizable savings I have been living on along with a few grants for school. My credit score is a 750+ and I have perfect payment history. I've never owned a home prior to this. I put 5% down when I moved in September of 2012 and the property has gained approximately 17% value (per a recent appraisal). The current contract I'm in was drawn up by my attorney.  I am in school full time (18hrs) and grinding to finish (may '16) but I cannot possibly earn enough income to qualify for a conventional loan and I wouldn't qualify for FHA due to the lack of income.  It all rests on the savings.

My question:

Is there a legitimate way for me to secure financing with my current status? I appear to have roughly 22% equity in the property, is there anything I can do with that?

Any help would be greatly appreciated. Information on this is so hard to find.

My DTI is "technically" high since my income is zilch, but I have $78k in available credit - $0 cc balances.  My only debts are 2 auto loans:

1 from 2010: 36k. 2800 remains. 1.9% 72mo

1 from 2011: 30k. 17k remains. 2.9% 72mo

No other debts.  Flawless credit.

[tooleman694]

If you get a job after you finish school in the career field of your degree it will count as 2 year income for FHA.

[Gunnar419]

This is an interesting dilemma. I have experience with seller-financed loans, but every seller in that circumstance is so different it's hard to compare them.

First of all, it does sound as if persuading the seller to give a two-year extension (or even longer) would be your best bet for now. Is there any way you can sweeten the deal for the seller? Like put up a few thousand dollars more or go with a slightly higher interest rate to make an extension more attractive?

If not that, do you have any family members who could step in and essentially pay off the seller while making an agreement with you to in turn make regular payments to them until you're ready for a bank re-fi?

[sigep0361]

I pay his note basically. It's at 5%. Not the best rate in the world but for a guy with no way to secure a loan, 5% is very acceptable.

The agreement is that I pay the face value of the loan rate and I get credit for the principal that I've accrued + my 12500 deposit up front. It was a 3 year contract that states when the 3 years expire, the option to renegotiate is on the table if I haven't refinanced at that point.

The house has gained nearly 35k in value do to recent zoning developments and amenity additions. Therein lies the problem. The seller has almost no incentive to renegotiate.

Thanks.

[Gunnar419]

Any family member who could step in, pay off the loan, and become your mortgage holder until you're ready to re-finance?

[sigep0361]

Not really an option. I was estranged as a teenager and I'm in my early 30's now. What an awkward conversation that would be.

[fot1]

Look at local  credit uinion that keeps the loans in house..

[sigep0361]

Hmm. Are credit unions known for that?

[fot1]

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@sigep0361 wrote:
Hmm. Are credit unions known for that?

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Known for? No I wouldn't say that but, I have heard of some doing that and if they keep the loans in house and don't offer for sale the loan they can put their own requirements on it.. Something like that anyways.. Just another avenue to exsplore.