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1_2Many · 11-14-2008, 07:29 PM

My good friend's dad is selling his home. He offered to lease it to me with option to buy. The lease payments are a little high...slightly higher than the mortgage payment would be, but the lease is only 2 years and every cent goes towards down payment of house. If we did buy the house at that point our mortgage would be about $400 less a month.

My delimna is this: My wife and I bought a small condo about 3 and 1/2 years ago and in these financial times we're about $60k upside down. I can't afford to sell it so I was thinking of renting it out while we lease the new house, but when the time comes to buy the new house I'm afraid we will get turned down for a loan with the existing condo loan still active.

The other problem is other condos in area are renting for less than what we pay in mortgage so we would have to pay the difference.

This just seems like a cheaper way to get into a real (and nice) house because I do not need a down payment to move in, but I just can't figure out how to swing it with my condo loan hanging around my neck. Any advice?

11-14-2008, 07:29 PM	#1
1_2Many Drives: 2008 Suzuki SX4 Join Date: Oct 2008 Location: SoCal Posts: 785 View My Garage	Anyone ever leased a home? My good friend's dad is selling his home. He offered to lease it to me with option to buy. The lease payments are a little high...slightly higher than the mortgage payment would be, but the lease is only 2 years and every cent goes towards down payment of house. If we did buy the house at that point our mortgage would be about $400 less a month. My delimna is this: My wife and I bought a small condo about 3 and 1/2 years ago and in these financial times we're about $60k upside down. I can't afford to sell it so I was thinking of renting it out while we lease the new house, but when the time comes to buy the new house I'm afraid we will get turned down for a loan with the existing condo loan still active. The other problem is other condos in area are renting for less than what we pay in mortgage so we would have to pay the difference. This just seems like a cheaper way to get into a real (and nice) house because I do not need a down payment to move in, but I just can't figure out how to swing it with my condo loan hanging around my neck. Any advice? __________________ We are the early orderers...we are GM's voluntary guinea pigs and their free source of feedback. How will we be thanked?