Lease-Purchase Option

kelleysatterlee · Joined: 13 Apr 2008 Posts: 1 1.28 Dollars($)

I have a tenant who is interested in purchasing my condo but is concerned that he may not be approved for a loan. What happens to the property then? Are there alternative sources to get approved for a loan?

adonis

Welcome Kelleysatterlee,

Do you know why your tenant is not being able to get a loan? how's his credit and financial situation? did he try out with FHA approved lenders? FHA insured loans are available with very low down payments and they don't need one to have very good credit too.

Besides, there are the mycommunity mortgages available with Fannie Mae approved lenders and loans offered by ACORN HOUSING. You can also request your tenant to discuss his loan options with the community here and he may also go for a free consultation on the right loan with the lenders in this community.

gmakerley · Posted: Mon Apr 14, 2008 7:39 am Post subject:

urge your tenant to visit with a loan officer who will be able to review his credit report, go over income and assets and provide at least a preliminary view of whether a mortgage is a possibility.

until and unless your tenant knows his credit score, and goes over the situation with a lender, you'll both be in this limbo.

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