First time homebuyer with income question

[Anonymous]

doubt he's having the count the rent as income.  he and his wife both have good jobs and were able to purchase his parents house like they had planned.  I just think he wants to get the house sold so he no longer has anything tied to it. 

[Anonymous]

You should still talk to him, and maybe consult a lawyer about drawing up a contract. If you can not qualify for a loan, he would have to put the house up on the open market. If your housing market is still in the toilet, like it is in a lot of the country, he would be taking a big risk. Especially if he asked you to move out. He'd have to pay for the mortgage with no guarantee of selling the house. A contract for deed could make you responsible for all maintenence, taxes, insurance etc. as if it were your house. In exchange, he'd have a guaranteed sale in a couple of years.

It sounds like a tricky situation. Good luck!

[Anonymous]

oh, we did a contract for deed when this all started, I probably should have added that.  when we originally drew it up the lease part was not supposed to exceed 18 months (which it is approaching).  the guy is very laid back and isn't going to kick us out or anything like that and hasn't even mentioned anything to me.  I just want to buy the house and get it in my name and get the payment lowered on it because I know a $155000 house won't be $1200/month now. 

thats another thing I meant to ask about.  would the fact that I've been paying $1200/month for over a year and a half help in any way?  If im borderline on DTI could the fact that I would actually have a lower payment then what I've been paying for 18 months be taken into account?