Need Some Help
I am in a lease option to buy at the present time. 1.5 years ago I moved in and locked in a price of 90,000 now the property is worth 130,000 and I have to low of a credit score (student loans) for a FHA standard loan. I need to find a private investor to work with. I should have my score back in shape say in a year or so and then can obtain a home loan. I really need this right now, I have been living thier for 1.5 year and need my money to start building towards something instead of throwing my money out the window. Please let me know if thier is anything you can help me with or advice. thanks much.
Patrick L 
Patrick,
Do you have an agreement for any rent credits if you exercise your option. If what you say is true, at 90K with a FMV of 130K, thats 69% LTV. You should be able to get $$ for that. Also, when does your L/O expire?
I do not have the rent credits, it was not part of the contract. My option runs out at the end of the month. need to close on this puppy by sept. 1st. It would seem to me that this would be a good deal for someone I ready to step up to the plate
on this and start to rebuild my score if I was given the chance.
Patrick L
Could you extend for another 6 months?
The seller wants out desperately,
and I'm sure he has a buyer if I don't come thru, matter of fact I have a few people that are interested to buy it
and then rent it to me for a while, but again throwing money out the window
is what I tying to get away from. What would the 6 month extension do for me?
Patrick L
Give you the ability to find some financing hopfully. Click the lenders tab at the top of the screen, and see if you can find some hard money in your area. Be prepared for higher than normal intrest rates.
Good Luck
I was under the impression that student loans did not affect someones credit score.
Mike
They count against your debt ratio because it is an obligation you have to pay. My wife ran into the same thing.
I had a similar situation in terms of my debt/income ratio being at a level (due to student loans) that approval for a mortgage was questionable. 2 mortage agents told me no, and the 3rd said "there is always a way" and made it happen. Ask another mortgage consultant. Maybe you could put more down by adding the additional down payment to your mortgage agreement since you don't have the cash. At 40k under the appraisal value plus, say 10k more mortgaged in...it might make the deal a go.
Thanks for the advice, I'll check a couple
others. My credit score is under 500,
some of those companys I tried would'nt
even call me back to say no. Still not giving up.
Patrick L
Hi Patrick,
Normally I wouldn't be able to help someone in your situation, but because of your large equity position, I am confident I would be willing to finance you (provided your DTI is not too high, you have been employed for the past 2 years in the same profession, you don't have any federal tax liens/judgements, and your student loans are current). Contact me (look under my profile) and lets see what we can work out.
Talk to you soon,
James
Everything sounds good, except that my student loans are not current, I have a defaulted stundent loan and I would need to make seven months of good payment and then they could remove the default. This is one of the reasons my credit score is so low. Maybe you can still help me. thanks.
Patrick L
Still seeking help.
Patrick L