I get this question a few times a month. I’ve addressed it before in my blog, but I thought I should touch on it again.
Question: If I bought a house on a contract for deed or land contract can I refinance out of this type of agreement?
Yes you can!
…The Contract For Deed doesn’t even need to be recorded. …but it’s best if you record it at the court house.
We just need 12 months cancelled mortgage checks to show you have made the payments on time for 1 year in order to refinance a Contract For Deed, or a Land Contract.
You would of course have to qualify for the loan otherwise – credit score, debt to income ratio, provable income, etc.
The biggest benefit of doing this loan as a refinance instead of a purchase is that we can use the appraised value, and not the purchase price for value.
…So, you can roll in closing costs instead of writing a check for them!
Max loan to value ratio on this program is 90%.
That’s it for today!
Brett
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