Let’s try it this way: if the lender forecloses on the house, can you approach them separately and ask them if you can continue renting the house from them? Perhaps on a rent-to-buy arrangement? It would be innovative, and mortgage companies aren’t known for being imaginative, but on the other hand foreclosed unoccupied houses quickly deteriorate into being of no value at all, and your presence could prevent that from happening. It would give you time to save up an additional $5K,
And while you’re saving, remember that whenever you buy a house there are various closing costs—taxes, escrow contributions for six months or a year of taxes and insurance, appraisal costs, filing fees, title searches, owner’s title insurance, gouges, cheats, superfluous charges, credit check fees, the lawyers, you name it. These can run into several thousand dollars and they are paid at the settlement. You can’t just bring the down payment to the settlement table and expect to walk away with the keys. Few buyers leave the settlement without feeling raped. So you will have to accumulate more than just that extra $5K you need.
I know how that sounds but I still feel (and I can't explain how I feel this way) that this house should be mine. It's not a moneypit. True it needs some work, but for my purposes it is just what I need. As for the fees, the investor is paying all that. That much I do know. I've been told to have $10,000 ready to go and the house in mine. I appreciate all your comments and I will check out that website mentioned in one of the posts.
Anyone else out there with a suggestion or two?