Because you have lived in the house for 3 1/2 years, you have a relationship/connection to the property and the seller.? It may not be an issue, but you would need to see if you are an acceptable buyer for this property.? Lenders are looking for buyers that meet the "arms length" transaction stipulation.
An arms length transaction is an agreement made by two parties freely and independent of each other, and without some special relationship.
Since you know the landlord and have lived in the house, the lender may think that the landlord will sell to you at a lower price than if they were to put it on the open market or that you may have some other deal in the works with the landlord.? It's best to check and be sure.
Source: http://www.zillow.com/advice-thread/Question-about-buying-a-distressed-home-I-am-the-tenant/483516/
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