Need Mortgage Broker that does lease options in TX

3 Replies

I'm doing a lease option deal in Mckinney TX and I need a local Mortgage Broker that works with tenant/buyers. I'm looking to do a rent-to-own deal with tenant/buyers and will also want to partner with local credit repair specialists.

I have a signed agreement from the seller!

Help!

Rent to Own/Lease options in Texas longer than 180 days have such stringent guidelines that no one does them legally. Google the requirements and my guess is you will want to go in another direction 

Originally posted by @Lincoln Tudor :

I'm doing a lease option deal in Mckinney TX and I need a local Mortgage Broker that works with tenant/buyers. I'm looking to do a rent-to-own deal with tenant/buyers and will also want to partner with local credit repair specialists.

I have a signed agreement from the seller!

Help!

 Texas de facto outlawed lease options years ago. I've never seen a compliant LO transaction come across my desk and if it's not compliant, it's a virtually risk-free transaction for the tenant / purchaser. 

@Lincoln Tudor Why are you choosing to do a lease option? There are other things you can do but a lease option is not one of them. You can sell the house with owner financing and wrap a mortgage but it won't be set up as a lease option. It will be a straight sale. If this is something you want to do, I can give you some advice but not when it comes to LOs.