FHA World - Lease with Option to Buy
A lease with option to buy is a contract in which a property is rented for a period of time and the leasee has the option to buy the property. The contract should be in writing and state how much the rent is, the time limit for the purchase, the purchase price, if there are any rent credit and any seller paid closing cost.
If a portion of your monthly rental payments are set aside towards the down payment of the property make sure you pay the rent by check and make sure you save the cancelled rent checks. To receive credit for your down payment the mortgage company will need proof you paid your rent.
FHA World - Applying for a Loan
When the time comes that you want to buy the property under the lease with option to buy you will need to apply for a mortgage.
You need a minimum credit score of 580 for 3.50% down payment.
What documentation will I need?
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
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