Yes it does. If you are in a Land Contract or Contract for Deed be it recorded or not, the same principles apply.
If you are ready to get the ball rolling, you can click the 1st link and complete the full or pre-qualification applications on my secure web site. I can also call you at a time that is good for you or you can call us collect at the number below.
Dallas P. Allbritton, Branch Manager
Office: 615-341-0930
Fax 615-341-0929
Alt Fax 509-267-3058
It occurs to me that if a newbie (like me!) finds a suitable property and uses hard money to close fast, that might be a good way to do no money down deals. But you would want to re-fi as soon as possible with a more conventional lender if you were keeping the property. Would the lender at that point want cash in the deal, or would they simply re-finance based on the equity in the deal, not the cash?
Most lenders want 6 -12 months ownership (seasoning) before they will allow you to us the appraised value. You typically can do a rate and term refinace based on the purcahse price plus the cost (documented) of any improvements made.
HOWEVER I have a program where you can refinance with no time of ownership at 75-80% of current appraised value.