timmym22 0 Report post Posted January 25, 2010 Hey everyone,I know banks are changing their policies all the time right now. If you setup a one year term lease option with a tenant buyer, if they buy at the end of the term is it considered a refinance or a new purchase? So if the purchase price after the down payment and rent credits is $100,000, will the bank just treat it like a refinance and give them a mortage for $100,000? Or will you have to show the bank the option money put down as part of the down payment so they can qualify? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 25, 2010 Timmy, it's considered a new purchase and would be handled the same as with any new purchase. The buyer would need to shop around for financing that suits there needs, and they would need to qualify. In other words, all the usual channels and happenings. Share this post Link to post Share on other sites
