WooHoo! Did A Deal...now What?
This happened quick!
I just closed a deal where I'm buying a home with owner financing in place.
The deed is in my name.
Seller is holding a first and the terms are good. I'm paying right at FMV for the home in exchange for the terms.
I plan to occupy the house, improve it and then apply for my own financing.
How long should I stick with owner financing? A year?
When I get a mortgage, will it be conisdered a refinancne since I actually have title?
Thanks..
I have been brokering mortgage loans for a couple years and do mostly subprime loans. Most of my lenders require you to be in your land contract for 1 year before they will treat it like a refinance and I believe Fannie Mae is the same.
I recommend you have 12 months canceled checks and 12 months bank statements when you go to refinance and also it wouldn't hurt if your land contract was recorded for 12 months but if it is not recorded, that is fine too.
Hope this is what you were asking