Currently Renting, lease to own option first time buyer consequences.

[Matthew Brown]

Hello,

Long time listener first time poster. Me and my girlfriend recently moved into a home we are renting along with another couple in the separate basement unit. Recently the city issued a notice about the property not being zoned for multiple family occupancy. The landlords solution is to make us all “owners” by creating a lease option to purchase contract. 

Me and my girlfriend are currently saving to purchase a home within the next year or so to start house hacking, my concern is how signing the lease option to purchase contract will affect our eligibility for first time home buyer programs? 

Any advice would be appreciated.

[Caleb Brown]

I would avoid. If the seller is trying to avoid legal issues with the city for illegally operating a property I would get out of that. Find another place to rent and continue saving