Down payment assistance / Breaking a lease

[wherzwaldo]

We've got a baby on the way and we've found a house that we want to buy, have the down payment saved up... but our apartment complex wants to charge us $1800 to break our lease. (It's in the contract, but the complex is at 97% occupancy so we were hoping we could swing a deal.) I've talked to the manager and got the "I'll talk to the owner" runaround. Going to try again this week, but I don't think they're going to budge.

Do down payment assistance programs still exist? If so, then it would be nice to put that money toward the down payment and use our savings to break the lease. I've also looked into the first-time home buyer tax credit from Uncle Sam, but it mostly just confused me.

We're in Austin, by the way.

 

[Summerof79]

You might try the Austin Tenants Council- they could probably help you with specifics. If it's in the lease. it's in the lease in most cases they can indeed make you pay. However, you might be able to make a conditional smaller settlement offer if they were able to lease your space. then you might be out in the street until you close...

 

[Smurfette]

Well, I'd see if you can make payments to them. How many months are left on your lease? You might be able to do an under the table sub lease, like by adding that person's name to the lease.

 

[Smurfette]

Oh, and down payment assistance only helps if you make below like 80K a year.

 

[Ramathorn]

1800? How much is your rent? they usually charge you 80% of market rent.


Smurfette, lots of peeps make less than 80k, though maybe not a couple. Forget it, I was trying to angle for a sarcastic comment about teacher's salaries.

 

[ninerhorn]

Right now down payment assistance is gone. Should be available again in the not too distant future but who know what additional underwriting requirements there will be.



good luck

 

[wherzwaldo]

Lease is up in March. Our rent is $885/month, market rate is $1060/month. They're charging us a reletting fee of $901, plus the difference between rent and market rate for each month we've been in the apartment on this lease, which is $875 ($175 x 5 months).

Again, it's in the signed contract, so we're probably screwed.