Posted by cal on July 09, 2002 at 11:31:41:
Hello:
I have never performed one but I did see a program on lenderlab.com(sub prime, niche lending) for lease/option refi’s. Check it out and see if it helps you.
Good luck
Cal
Lease Opton and Refinance - Posted by Mark
Posted by Mark on July 08, 2002 at 16:41:22:
(I’ve posted this on the main board as well)
I’ve done a couple closings with a mortgage broker here in town. She says she has been in the business for 15+ years and knows all the “creative” ways to buy and sell. Yet, when I brought up the idea of lease option and refi, she said no one can do this because in order to refi, I need to be on the title. However, in Bronchick’s material he says “Some lenders treate a lease/option as a sale and will treate the tenant/buyer’s loan as a refinance, not a purchase”. The goal for me would be having the lender lend based on the appraised value of the property and not the purchase price.
Can I educate her (and if so, how?), or should I find someone else to work with?
Also, which lenders do this?
What has your experience been?
Thanks