Looking for Mortgage Thru Non-Traditional Means

Private mortgages are basically unheard of these days. With that being said, you're better off trying to renegotiate your lease to try to stay in the property.

A little something about your "rent credits". The ONLY time rent credit can be applied towards down payment and closing costs is if you have evidence you've paid that money to the landlord (usually needs to be documented through a title company) AND the amount that is being credit back from the seller exceeds the market rent for your home which is determined by an appraisal. For example, if you pay $1000.00 rent per month and the appraiser determines the market rent for your home is $900.00 per month, you would be entitled to receive $100.00 per month towards your down payment. A $30,000 "rent credit" would not be acceptable to any mortgage lender if you did not pay that money over and above the market rent. That $30,000 would be considered a sales concession (inducement to purchase) and is not legal.

If you are considering renegotiating your lease in order to stay in the property, get yourself a VERY GOOD mortgage banker/loan officer who can advise you on how the contract needs to be written. Make sure that person reviews the guidelines with an actual underwriter and don't take his word for it.

Good Luck

I totally agree with Kim S. I've been in the mortgage business for 11 1/2 years and there isn't a mortgage company around today that is going to give you a loan if your credit score is too low for FHA.

I also agree 100% with Kim S. regarding the rent credit.

I'm sorry that I can't give you a more favorable answer, but times have changed the mortgage industry drastically.

I'm a single mom and I financed my first house recently through USDA, it was a lengthy process and I had to take home buyer education classes, but it was all worth it in the end. My interest rate is insanely low.

Not sure that I can actually help you with this question but have you checked Suze Orman's web site? She is a wealth of knowledge, I'm sure you can find some info there.

Try the RDA. Go to USDA.gov and find thr rural development housing loan dept.

Usually if you enter into a contract like this, your landlord has to record your rent payments with the county. If in fact, this took place, that should give you a positive payment history and should help you get financed. Look into this and maybe there is a mortgage company that specializes in this kind of mortgages. That is the point of land-contracts and leases with the option to purchase. Good luck!

You need to speak to a Mortgage broker, if you are in Florida I have one. I will warn you that the USDA is very backlogged, it is taking them a very long time to get things approved. If you work with a Broker though they should be honest with you and can tell you what you need to do to get the financing. Have you seen if it is possible to do a Seller Financed Mortgage or to Assume their loan?

EDIT:

You might want to try talking to a Mortgage Broker that is NOT with a Major Lender but an Independent one that deals with MULTIPLE Companies and one that has been in the business for awhile. They will be able to better guide you into what you need to do and what your options are. I will tell you we had our score jump 100pts by doing what our broker told us to do, down to the letter (FYI it was NOT one of those credit repair scams). Sadly, there are not many non-conventional/traditional options left out there