Lease option to purchase

Anonymous — Wed, 18 Feb 2009 06:55:41 GMT

My wife and I signed a lease option to purchase agreement last March on this Condo... thinking my credit would be good enough to qualify for a mortgage. Well a year later I have raised my scores way above whats needed and have I have a clean payment history for over 3 years now. Condo living hasn't quite been our thing so we started looking at houses. We found a (NEW)house that we really like. Come to find out the builder of these houses is the same person/company that owns the condos! We talked to the owner and he's allowing us to transfer all our Downpayment($3000) over to the new house, however the bank will not allow for the rent credits($2400). Once again the owner has agreed to credit appliances, blinds or whatever other options we choose with the rent credits. He's also paying closing cost ($7250)and accepted our offer of($229,950) 20k less than advertised price. We are approved with a FHA loan and all that paper has gone through and was approved by the bank. Closing is in March. So now I think I will also qualify for the 8k as well?? of course after closing. WoW.....I feel like I did good here....

But better yet...I'm more proud that I took responsibility over my credit and turned it around as fast as I did..........ohhh and of course with help from you all and the site.

Thank you =)

Richard

Message Edited by Richard on 02-17-2009 10:55 PM

Re: Lease option to purchase

WannaHouse — Wed, 18 Feb 2009 06:45:03 GMT

Congrats!

As long as you fit the criteria for the 8K, then yes, you should get it.

Re: Lease option to purchase

Anonymous — Wed, 18 Feb 2009 06:48:44 GMT

I'm pretty sure we do...We both are first time buyers (or will be soon) make about $120K combined.

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Lease option to purchase

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