Refinances of Lease Options and Land Contracts
Qualify with bank statements, 1099, w2 or full doc.
Recorded lease options or land contracts may be treated as Florida mortgage refinances and valued based on the current appraised value subject to the following restrictions:
• The lease option or land contract must be seasoned at least 12 months. Transactions seasoned less than 12 months will be treated as purchases.
• The lease option or land contract must be recorded on title. If not recorded on the title, verification of the original down payment will be required. Additionally, on a cash-out refinance, if the lease option or land contract is not recorded, the maximum LTV is 70% and cash-out may not exceed $50,000.
• All credits towards the lease option from monthly lease option payments must be verified as exceeding market rents for the subject property to be considered.
- Proof of deposit
- Proof of all the monthly payments – without proof of payments how can the lender know if you paid on time?
- You need a copy of the lease option agreement
Rent To Own Florida FHA Mortgage Program
Other Florida Mortgage Programs Include:
- NO tax return Mortgage Lenders: Non-QM and Private Lenders offer alternative documentation options.
- NO Income Verification Investor Loans: Use the subject property’s income to qualify.
- Foreign National Mortgage Lenders: Nonresidents in the United States can invest using our FN mortgage options.
- Commercial mortgage Lenders: Mortgage options for Florida office buildings, shopping centers, and warehouses.
- Reverse Mortgage Condo Lenders: 55+ Florida Condo owners can reverse mortgage their condo without payments.
- Bad Credit Florida Mortgage Lenders: Bad Credit based on a common sense approach based on payment history.
- 1099 Only Mortgage Lenders: Use 1099 Income up to 100% income can be used with no verified business expenses.
- VOE Florida Mortgage Lenders: Private Mortgage Lenders will allow your VOE to disregard to write-offs.
- Bank Statement Mortgage Lenders: Use 12 or 24-month average bank deposits for mortgage income qualifying.
- Asset-Based Mortgage Lenders– Assets in your account to cover the purchase price can be enough with some lenders.
- Self-Employed Mortgage Options – If you write off too much of your income to qualify for the necessary funds.
- P&L Only Mortgage Lenders: Use Your licensed Tax preparer to provide a profit and loss statement.
