Posted by Cal, Balto on July 09, 2002 at 20:05:18:
In regards to lenderlab.com. You can go in and sign up as a realtor for free and research their mortgage programs. They have some wild ones.
Good Luck
Cal
lease option-how to refinance? - Posted by Debra Miller
Posted by Debra Miller on July 09, 2002 at 15:14:25:
I have a lease option to buy on a property and it has been recorded in the courthouse. I was told by a closing attorney and two realtors that I could refinance, sell, or do anything basically that a person holding title to the property could. The note is currently being held by a private investor for me till I can secure a loan. Well now I’m trying to refinance and the lenders are all saying I need to do a purchase. I don’t have the downpayment $$ so I can’t do this. Am I gonna have to move out or is there a way to do this? Why are the lawyers saying one thing and the lenders are telling me something else?
Re: lease option-how to refinance? - Posted by MATTMAN
Posted by MATTMAN on July 09, 2002 at 17:42:12:
Debra-
Cal is right, leaase option refi’s are limited but only if you have been in the property less than a year, the min time some programs allow to be considered for a refi is 6 mos but most want a year. is your option time up? have you kept records of your payment? was there any credit in the option for part of the monthly to be considered credit for downpayment?
most investors will hold a second mortgage,you should try that for your downpayment. unless your in the mortgage bis, I don’t think lenderlab will be helpful.I was under the impression since they charge ($50 a month)for their service it was for pros in the industry.
best regards, Matthew
Re: lease option-how to refinance? - Posted by Cal
Posted by Cal on July 09, 2002 at 17:27:12:
You have to find a lender with a program for that. Very niche market. Try lenderlab.com. I think they have a program for what you are trying to accomplish. Don’t give up. It is possible. You might have to make as many as 200 contacts before finding your program.
Good luck and let me know if lenderlab.com did still have the program available.
Cal