by jtompkins2784 » Tue Mar 22, 2011 05:55:47 PM
I have been in a private rent to own type of situation for the last 1.5 year. The home owner was asking 58,000 for the home. The owner asked if I would be willing to pay them directly for two years before purchasing the home (I am living in it now) and they would take all payments off the principal asking price at the time of official purchase. This contract was taken to a lawyer and legally documented, so this is not a concern for me.
The contract states that I will have to purchase them home for 45, 000 at the end of the two years or forfiet all money paid. However, I was wondering if a Mortgage Broker/Bank would consider the payments that I have made when calculating the down payment, or any consideration of those payments for any purpose? As I stated before, I do have legal proof of payments and the agreement.
Thanks