Re: financing for a house. LINDA can you help

Posted by BJ on September 12, 2001 at 19:59:11:

In Reply to: financing for a house. LINDA can you help posted by johnny on September 05, 2001 at 17:24:41:

Johnny,

I agree with Linda that your wifes score is enough to get the deal done. One thing that you might run into is that a lending institution might give you a sub prime rate, until it sees a more promising risk. Although your 2 years of on time payments help, I would certainly be prepared for a lending institution to offer a slightly higher rate. Use your muscle though. Present all evidence(as you've stated here) that you and your wife are a viable risk to the bank.

A note for future reference, if you(or anyone else is thinking about a Lease/purchase or option)ask the seller for a "Contract of Deed" instead. The semantics are the same, with one important addition. With a contract of deed, you are essentially the OWNER. On a lease option(same as purchase), you are a RENTER, till you come up with the stipulated downpayment and refinance the original loan.

As the owner, you have certain rights as a home owner, for instance, in the case of your delinqency of payments. In a contract of deed, the owner would have to FORECLOSE on you. As a Leasee, the simply can get an eviction notice by filing the paperwork at court. Difference, A WHOLE LOT OF MONEY! Good luck

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