Posted by Stacy (AZ) on February 01, 2001 at 12:45:43:
Lenders will typically treat the L/O as a straight lease, and give a standard 75% of the rent payment credited against his mortgage payment.
Stacy
L/O and new loan - Posted by Brad (SavGA)
Posted by Brad (SavGA) on February 01, 2001 at 12:36:48:
Have a guy wanting to sell his current home in order to buy a new home. He’s ready to sell, but doesn’t want to go through realtor and wants out in 30 days. Perfect L/O deal. (I don’t know how to do “subject to’s”) 5-8K equity.
What kind of problems will he have to face in order to get a second home loan?
I don’t want him coming back to me after I l/o his house and say he cannot get qualified for a new loan. (I’m also afraid the bank will see the l/o contract and call the loan due, if he uses the same lender)
Can anyone help?