Posted by Doug Jones on November 30, 1999 at 20:15:56:
I am also in the same boat with the self employed part.
Last year bought a house and ended up giving the lady $10,000 down and $110,000 for a small lake home on an acre surrounded by $150,000 and up homes. We updated many things ourselves and “refinanced” after making payments for a year. It appraised for $165,000.
we borrowed 80% or $132,000.
This year we have added on to the house and it is worth around $210,000 now.
We sold 2 other houses to fund the addition but only put $10,000 down in the beginning.
Alot of mortgage companies will consider a lease option or a contract, as ownership after a year of good payments. That is how you can “refinance”.