I would talk to a mortgage company that specializes in slow credit and would talk to them about your exit loan. I know your refinance is going to be in 12 months but you need to know what to clean up so it may be refinancable in 12 months. Be sure and pull a (Tri-merge) credit report even if it costs $. If the mortgage company doesn’t have the ability to pull that kind of credit report GO SOMEWHERE ELSE!
The other thing to remember if you do a lease purchase or owner finance is KEEP A COPY OF YOUR CHECKS AND/OR MONEY ORDERS IN A SAFE PLACE AND PAY IT ON TIME!!!
DON’T PAY IN CASH. I can’t stress this enough. Lenders will not take your word or the owner’s word if you have paid on time. NO IFS ANDS OR BUTS.
Seller Financing or Lease Option? - Posted by Michael F
Posted by Michael F on November 11, 2002 at 14:31:17:
Which would be better for the buyer? Seller Financing for 12 months, or a lease option for 12 months? Both would require the same amount down by the buyer. I have a seller that is willing to consider either option. If I take the seller financing option, would it be difficult to refinance a seller financed loan after the 12 months is up? I personally like the idea of seller financing, because then I would already “own” the property and be able to reap the benefits immediately of home ownership. I would like to hear other people’s thoughts on this issue. BTW I have poor credit and I need that 12 months to build up my FICO a little more.