UPDATE:
We were not able to close on the home while under contract with the "new seller"/realtor. Closing Dept of my bank stopped everything after approval saying new FHA rules do not allow for a home to be flipped within 90 days of purchase, regardless of profit/loss.
The selling realtor did enter into a lease-purchase style agreement with me, guaranteeing the exact same house price when we are able to enter under contract again in Septemeber. He even extended the term through the end of the year just in case we reach any further hold ups.
I am paying him rent, the amount he says the home is costing him. I believe he is actually out of pocket a little more now with homeowners insurance, etc. He seems like a real nice guy. We are in the home now, completely in love with it and can't wait to actually own it.
New problems have arisen with my job/business. Work has slowed so much we had to cut back my pay, causing me to put some expenses on CC's for the time being. As such my credit score has now dropped below where it needs to be. In anticipation of entering into contract on the house next month I am going to use my down payment $$ to pay down my CC debt (to bump my scores again) and then hope and pray a new contract comes in for my business in time to get the $$ for closing. In 2.5 months we had to put $3k more on our CC's. Which brings us to about 75% usage. I think paying down to 25% usage should get my score back where it needs to be.
This home will be well-earned I promise you!
