I came across an article last night that stated "many banks consider a lease-option agreement the same as a mortgage and will approve a refinance loan for these. I've been on a lease-option for a year with a great relationship with the owner. I will be looking at exercising the option within the next 6 months, and thought my only option was to find mortgage financing, but this idea of refinancing is attractive since you won't need a down payment, can roll the closing costs into the loan, and approvals is generally easier. Does anyone have any experience or knowledge about refinancing with a lease-option agreement??? Thanks, Tambers.
I know a little about lease options. First maybe, less then 25% of the "Buyers" actually end up purchasing. This is great for the Seller or Owner, they keep the property and lease payments and option money. If at all possible, with rates where they are now, and assuming you really want to own this house. I would strongly suggest you purchase or exercise your option. There are many, many 100% financing programs for buyers of any and all credit types. Since this WAS your plan from the get go when you signed up for a lease option, maybe you should consider following through as per plan?? Maybe there is something else here I don't understand, but if at all possible follow through on the original plan? John
