Posted by mtgbrkfla on April 11, 2000 at 18:39:04:
Oh Boy, sounds like you have a tough one there. Most Lenders want to see 24 months seasoning to count it as a Refi.
Short time on the new job doesn’t help and only 8 months as a tenant buyer is also tough. Bad credit? Ever hear of the straw that broke the camels back?
Email me and I’ll suggest an aggressive Lender for your local mortgage broker to look up.
Finding Financing for Lease Optionee - Posted by HD
Posted by HD on April 11, 2000 at 17:06:25:
Greetings All:
I hope someone out there could be of assistance with this scenario. I will be as detailed as possible.
I currently have a tenant in an L/O, who I am beginning to look for financing for. Her credit is not the greatest, so I wondering what the best avenue would be to begin my search?
I’m looking to close prior to the end of her 1-year lease (8 mos) because I would like to do some other things with the back end profit.
Now, I’m aware that some banks would look at this as a refinance, due to the fact that it was an L/O, but I would only have her for a tenant for 8 months. Would this still be viewed as a refinance?
Also, the other route of creating a note and reselling is not an option–not enough padding on the backend (a solid profit exist, just not enough to work with a note broker)
Does anyone have any suggestions of lenders who work with less than perfect credit in MD or has other suggestions? I’m sure there are many lenders, but I want to make sure she won’t be paying 15%-20% interest and not be able to afford the mortgage.
One last detail, she just switched jobs one month ago, but I would still like to close this deal within the next 30-60 days.
All feedback is greatly appreciated.
HD