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Who will refinance a lease to own home?
I have a lease to own house that I have been in for 2 years and now the landlord wants to sell it to me. I can't get conventional financing becuase my credit is still poor and I dont have alot down.. I know there is some form of info regarding this, stating that a lease home can be "refinance" if you have been in it for so many months and you are doing a lease to own option. I need to find a mortgage company that will refinance this. Any suggestions? Thanks! there are some FHA or salliemae exceptions that allow lease to own homes to be refinanced, but I cannot find that info again. I have worked with a company that does it but their fees were high so I was going to look around to find others.
Public Comments
- I think you are mixed up. Refinancing means getting a new loan to cover the current loan on a property you own. Since you don't own this, you are just purchasing it from the landlord. My suggestion is to go to several (maybe 3) banks and ask them all about getting a loan to buy the place. At each one, if they turn you down, ask them exactly what you will need in terms of money and credit to get the loan. Then go about getting what you need. Take a 2nd job if you must, or whatever, but this is the way to go about getting a loan to buy this house.
