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Texas Rent To Own Lease Option Refinance Mortgage Lenders

Texas Rent To Own Lease Option  Refinance Mortgage Lenders
PROPERTY TYPES:● SFRs, Condos, PUDs ● No below average properties

LOAN AMOUNTS:● $100,000—$3,000,000. Loan Amounts over $1.5M requires 2nd
appraisal

HOUSING HISTORY/CREDIT EVENT SEASONING:
● 0x30 mortgage lates last 24 months,
● 12 months seasoning for bankruptcy, foreclosure, short sale, or deed
in lieu. No multiple events
● 24 months housing history required

INCOME DOCUMENTATION:

● Alt Doc – 12 or 24 months personal or business bank statements or 1099’s.
Multiple income producing businesses ineligible. Min. 1 years history of self
employment required
● Full Doc – 1 or 2 years W-2, paystubs, tax returns or K1’s
● Asset Xpress—100% of amount needed to amortize loan plus monthly debts
for 60 months (cash-out not allowed).

Use the equity in your current Texas Rent To Own Lease Option as down payment!
The most common terms used are:

  • Lease to own refinance Texas Mortgage

  • Texas Mortgage Lease option refinance

  • Lease purchase refinance Texas Mortgage

  • Rent purchase refinance Texas Mortgage

  •  Texas Rent To Own Lease Option lease purchaser receives credit for equity growth in the home

  • Texas Rent To Own Lease Option and use appraised value as borrower’s equity for rate term

  • Texas Rent To Own Lease Option Loans up to $3 million and 90% LTV with no MI

  • Must have canceled rent checks

  • Agreement must have been executed over 12 months to use the appraised value

  • LTV based off appraised value vs. purchase sales price

  • LTV determined by borrowers scores/credit, rate term only

How Does Texas Rent To Own Lease Option Work? Don’t Get Scammed, Get Pre Approved For A Mortgage First!

Texas Rent To Own Lease Option Home Summary

While searching for information on how Texas Rent To Own Lease Option lease option works, you probably found some articles with terrible stories about people getting SCAMMED. But the truth is if you learn how a lease purchase works this option can be a win for you.  Also, you will notice that victims who get scammed and lose money when renting to own are usually committing the same mistakes. Within this information, you will see the critical steps you must take to succeed.

So, how does a lease option Texas Rent To Own Lease Option work? A house being offered as Texas Rent To Own Lease Option is like a standard Texas rental home. You are still considered a tenant during the term of the lease option to buy and the owner is your landlord.

The main difference with a lease option Texas Rent To Own Lease Option is the seller agrees to give you the option to purchase the house in addition to renting the home to you. This is technically referred to as a lease with option to purchase or Texas Rent To Own Lease Option. And, instead of paying the normal rent deposit to the landlord, you will instead pay a fee called an Option Fee. The option fee is paid upfront and is non-refundable. The option fee is nonrefundableand gives you the right to purchase the home within the option time frame. The option fee does go toward the purchase price of the house when you purchase the home down the road. The option fee is negotiable and ranges anywhere from amount is usually 3-10% of the purchase price.

Lease Option Texas Rent To Own Lease Option Agreement

The lease option agreement states a purchase price that you and the landlord mutually agree upon,  and is signed along with your rental agreement. The option agreement also details the period of time the seller is willing to give you to purchase the house. This length of time is called the option period and it’s often 12-24 months… but can even be 5 years or more. This option agreement is one of the most important agreements contained in the Texas Rent To Own Lease Option paperwork you sign.

What if I Fail to Qualify for a Mortgage in Time?

If you are unable to purchase the Texas home during the option period, one of two things usually happen:

The contract expires and you no longer have the legal right to purchase the property. Further, you forfeit all rent credits and the nonrefundable option fee paid to the seller.

The option agreement may offer you the ability to extend the agreement. If this extension is offered, it typically requires a new fee and new option agreement. For example, a seller may require that you are currently qualified for a mortgage and in the closing “process,” to qualify for the extension.

Can I do an FHA refinance a Texas Rent To Own Lease Option property, but am not named on the existing loan?

A Texas Rent To Own Lease Option refinance transaction is a new mortgage for a Borrowthe er with the legal title on the same property with the proceeds used to pay off any existing liens.

As long as the mortgage applicant has a legal title (even though not originally on the loan) the mortgage applicant is eligible to refinance the loan.

SELF EMPLOYED TEXAS CASH-OUT REFINANCE UP TO 500K!

 

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