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What can I do to get more (or better) quotes for my loan request ZR-BTRPPYL

We have a nice house that the original owner gave us a lease with option to buy contract. We have been paying his mortgage payments on the house for 3yrs now, and when we first moved in we put  $5,000 dn. The payments are $2100 a mo.  with taxes,ins and etc. included and we have paid ON Time for the past 3yrs. The owner wants us to do a loan assumption with the bank (BOA) which the original loan was Country Wide. The current balance on this house is $202,000. The original amount borrowed to build the house by our "landlord" was $259.000. That was only 5 1/2 yrs ago, so house is still very new. We had the property appraised last year and its appr. value was $264,000. My question is what options do me and my wife have besides the loan assumption option. My credit sucks! but my wife's is around a 6 or 620, we make a combined annual income of $75K a year with only my student loans of $160 a mo.and  auto loans totalling $740 a mo. We would like a cheaper or reduced payment since rates are down. We have no credit cards. What would you suggest for us to do?Please help!

  • July 19 2012 - Quitman
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