bank wont finance - Posted by albertha

Posted by James Harris on September 17, 2002 at 10:49:23:

I would suggest that you have the buyer contact a mortgage broker. If that doesn’t work, create a note and sell at the table.

bank wont finance - Posted by albertha

Posted by albertha on September 17, 2002 at 10:03:39:

Hi fellow posters, for the knowledge of everyone, I would like some input on a lease with option to purchase that is expiring soon and buyer can’t find a bank to finance him; what are some options that can be considered in order to keep the home.

Re: bank wont finance - Posted by Jeff M

Posted by Jeff M on September 17, 2002 at 16:08:35:

If the buyer can’t get a “no-doc” loan, how about using a “hard money” lender. I have the names of a few in the Philadelphia area, and if you want the names, e-mail me off line. I don’t wish to use the boards for solicitation. Good luck.

Jeff M

Re: bank wont finance - Posted by James Harris

Posted by James Harris on September 17, 2002 at 10:09:31:

Why won’t the bank finance the buyer?

Re: bank wont finance - Posted by albertha

Posted by albertha on September 17, 2002 at 10:21:01:

Bank will not finance buyer, because buyer has no trace-able income, but has up to three years of record of paying the rent, up to date and on time to the seller. This is very unfortunate. So, what to do!!!

Re: bank wont finance - Posted by Nate(DC)

Posted by Nate(DC) on September 17, 2002 at 13:26:28:

I would suggest calling a mortgage broker who can do a stated income or “no income verification” loan. As long as the borrower has decent credit that should work.

NT

Re: bank wont finance - Posted by Jerry Martin

Posted by Jerry Martin on September 17, 2002 at 11:44:30:

Contact mortgage broker for loan based on stated income. Works great. God bless.