Posted by Robert (NC) on December 06, 2001 at 21:27:15:
Erik,
We just did this… didn’t mention the OPTION to purchase to bank at all, just had to show them a Signed Lease form. NO problem. The applied 75% of that to my income. We got our new house no problems, but then again we were not buying at the max the bank said we could afford so taking a 25% hit wasn’t an issue. We did use a mortgage broker, but I think a bank would be the same way.
Robert.
Can seller get loan when L/O? - Posted by Erik
Posted by Erik on December 06, 2001 at 13:01:34:
I have found a seller who will consider a L/O to me but only if she can get a loan for a new house. She is trying to sell so that she can buy a larger home. If we have a l/o contract and I am paying her mortgage will a lender consider this income and give her a new loan? She is self-employed which I am sure will make it difficult. Is there anything I can tell her?