Posted by Les on March 27, 2006 at 02:51:38:
What are the terms of your land contract? Do you have title yet? If not, consider a purchase loan and just take cash out, you don’t have anything to Refi yet. I can help with this, we do purchase and refi loans
in Md, DE, PA, and VA. Give me a email.
Les
Refi- recent subject-to purchase - Posted by Tim
Posted by Tim on March 26, 2006 at 21:30:48:
All,
I recently purchased a 3 unit property with a land contract and took possession of the property subject-to the existing loan.
I want to refi this property to get some cash out and to pay off the existing loan.
How long would I normally have to wait to do this? Can I refi right away?
Thank you,
Tim - Virginia
Re: Refi- recent subject-to purchase - Posted by Ben Carmona
Posted by Ben Carmona on March 27, 2006 at 22:28:33:
Most conventional lenders require that you have made 6-12 months of payments towards the contract before refinancing it. This creates a vested interested in the property. The funny thing is, if there was no “contract” signed and you were just quit claimed on to the title, it would be easier to refinance with no payment verification.
I’ve actually been looking for a lender to do these for about a year now and constantly research new programs. Best I have found are lenders that will immediatel do a refi for quit claiming, but not on a contract for deed.
Ben Carmona