Profile picture for rpdean

What do I need to do to qualify for a refinanced loan? Currently we are at 7.5%.

We leased the home for 1 year making each monthly payment on time.  The owner  of the home took a $5,000.00 down payment and we purchased through him, as he financed at 7.5%.

Also our payments are not being recorded with any credit agency.  I would like to refinace with a reputable bank or mortage company.
  • August 22 2009 - Cleveland
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Answers (4)

It looks like you are stuck in a bad spot to refinance unless you really have equity and if you do, try an fha refi....the private loan is hurting you right now
  • October 12 2009
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the payment history may be used with cancelled checks as proof of payment and your loan officer can have this put on oyur credit report ONLY if the deed of trust has been recorded. This is seller financed and FHA still does this as a refinance IF the deed was recorded. If it is not recorded then you can still get the deed recorded and refinance with seasoning requirements for ownership be satisfied.

  • October 12 2009
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Profile picture for Ray Stevens
Some seller financed purchase do indeed transfer title.  Comment on your case.

Most likely your seller recorded the lien against the property and you may be able to use this as proof you are paying a mortgage satisfactorily.

Check with your broker on options.  I believe you have some.
  • August 23 2009
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I believe treating this like a refi went away with the sub prime lenders.  It will need to be treated like a purchase since you are not on title.
  • August 22 2009
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