partridge 0 Report post Posted July 9, 2007 How is someone able to refi a L/O after 12 months are up? What needs to be included with the original contract so that I can just refi and not have to do a regular purchase on this home? What lenders do this type of refi? Thanks Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 9, 2007 I'm confused by your question. Are you the tenant/buyer looking to now exercise your option to purchase? If so, then you aren't refinancing. You're obtaining new financing. And all the usual procedures would apply. Share this post Link to post Share on other sites
stshort 0 Report post Posted July 9, 2007 check with your local lender to see if you were added to title b/4 they pull the title report (or whatever they do in your area) and see if you can facilitate a cash out refi and at close deed off original owner. some lenders may want to see you on title for at least 90days up to 1 yr.. also explain to them that you are in a L/O. just a thought. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted November 21, 2007 a little late but, a l/o refi is not really a refi it is a new mtg. from what my mtg broker told me (You know a friends cousin's sister) it is a highbread full to partial doc, although after the mtg scare they are harder to do.. Share this post Link to post Share on other sites
jimculler 0 Report post Posted December 18, 2007 Yes you can refinance after 12 months in a lease option agreement. The most important piece that our underwriter wants to see is 12 months canceled checks for rent payments. This is to document that you have paid rent on time for the past year. They will not accept a verification from the landlord because he is the seller and its a conflict of interest. There are still lenders offering this refinance structure down to a 520 mid FICO score if you can document enough income for your ratios to be right. Share this post Link to post Share on other sites
KevinAmolsch 0 Report post Posted December 28, 2007 The only advantage to a refi over a new purchase loan is the ability to use the appraised value. The lenders I work with that do a refinance loan on a lease option only do it for owner occupied so it is great to cash out your tenant buyers. I don’t know of any lenders doing these types of loans for investment properties but it they are out there it would be a terrific way to get financing with out ever putting money down. Kevin Amolschkevin@lassitermortgage.comwww.lassitermortgage.com Share this post Link to post Share on other sites
