Lease Option: Any Limit for money applied towards Mortgage/ Down Payment???
I am trying to do cooperative lease option on a property. The owner is asking for sale price that is at least $20K above the market price. I can make it up by applying 50% of the rent money towards the sale price (down payment).
Is there any limit to the amount that will applied towards sale price on a monthly basis in a cooperative lease option purchase? Can we apply 50% of the rent or more towards the mortgage/ down payment?
The other thing I can do is increase the lease term from 2 years to 3 years to make for the higher price...
Any suggestions are greatly appreciated.