these are both retirement plans and there is no difference exempt whom you work for.203b is the normal fha loan and 203k is a fha rehab loan\purchase.
If it is FHA you need to act immediately and get the loan locked because the streamline program (FHA to FHA) is changing dramatically. If it is jumbo you're sunk without credit repair and if it is fannie or freddie owned you can request a modification or bring your credit to financable standards which is best done with a helpful broker. Good luck.
Sounds like you have some budgeting concerns but why are you in a rut. It is difficult to pay down credit cards and it is difficult to gain equity on your home. there is no shame in keeping the loan you have currently have. Pick a credit card and start paying extra on it; best is the high interest lower balance for this approach) or if you can start paying off the highest payment and get it gone this would help you also. Have you asked your non freddie nor fannie lender for a modification? Worst case scenario is the chapter 13 route and have the judge force a lower payment to the lender.
Apply for a loan and submit a letterof explanation regarding the charge-off. It is the underwriters discretion to require this to be paid or not. You can get a full underwriting approval and get any underwriting conditions resolved prior to contracting on a ouse. You will get a maximum pruchase price from your lender and will need only the inspections, appraisal and title work for your purchase. good luck.
Jumbo loans currently need 20% downpayment and a 700 minimum score. Good luck.
the payment history may be used with cancelled checks as proof of payment and your loan officer can have this put on oyur credit report ONLY if the deed of trust has been recorded. This is seller financed and FHA still does this as a refinance IF the deed was recorded. If it is not recorded then you can still get the deed recorded and refinance with seasoning requirements for ownership be satisfied.
USDA loans have no downpayment, are done by authorized brokers or lenders, may have 2 appraisals, are for specific communities (there are a lot of them) and have an underwriting requirements from the lender and from USDA and have income limits. Check this website for additional info http://www.rurdev.usda.gov/RHS/sfh/brief_rhguar.htm .
The inspection is yours and the earnest money is transferable. the appraisal will need a letter from you and the lender it was made for to release that to another company and you may be charged for a name change. If the loan is FHA the appraisal has to be re-assigned along with the case number. As mnetioned by timothy and Dana other concerns are involved as well. Good luck.
this statement "generally the interest rate the landlord charges you will be higher than the one he is paying... generally" is talking about seller financed and does not apply in rent to own.
75% of the rent that is under contract will count for income, let the unbderwriter give you the rules laid out. I suggest apply for aFHA loan as owner occupied 2 family, make a smaller downpayment and keep plenty of reserves (savings) for repairs, rent loss and general maintenance.