Good Morning!
I don’t see Contract for Deed’s as much as I used to, but here’s how to refinance out of one if you are in one…
The Contract For Deed doesn’t need to be recorded. …but it’s best if you record it at the court house when you first enter into the agreement.
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!
Have a good day today! …and thanks for reading.
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