If you currently in a rent to own or lease option you can use the equity built up in the house your buying as the down payment! additional benefits include:

• You receive credit for equity growth in the Florida home.
• Use appraised value as your equity for rate term
• LTV based off the appraised value purchase sales price
• Must have canceled rent checks
• The agreement must have been executed over 12 months ago
to use the appraised value

• LTV determined by borrowers’ scores/credit, rate-term only, no cash-out
• Loans up to $3 million and 90% LTV with no MI
• Renter is now treated as the homeowner without being on title for qualification purposes
• The title must be transferred to the borrower at closing
• Credit scores as low as 500


How Do I Refinance a Florida Lease option, rent to own, lease purchase contract in Floridas? Just like test-driving a lease to own or rent to own car. Renting to own a Florida home is a great way to try a Florida home out before you buy it. There are a lot of hurdles along with uncertainty when you purchase a home the traditional route. And you never really truly know if you’re making a good decision until you lived in the home for at least a year. If you rent to own the home, you can live in the home for a year and decide if it’s where you really want to live before you refinance into a traditional mortgage.

  1. Determine if you truly have a Florida rent-to-own mortgage or a rent-to-own lease. Rent-to-own mortgages are called Florida land contracts, and the buyer doesn’t actually rent the property. The seller finances the cost of the home without changing the titled ownership of the property. The title changes to the buyer only when the land contract is refinanced, and any liens on the house that the seller owes are paid in full when the home is refinanced.
  2. Provide your Florida mortgage lender with a copy of your land contract or rent to own agreement and b provide canceled checks or wire transfers documenting your timely payment history. Florida mortgage lenders analyze land contract refinances closely. While each Florida mortgage lender has its own guidelines, many will not refinance land contracts usually until you can prove a full 12 months timely payments history. They will require the house be financed as a purchase instead. If the Florida mortgage lenders consider the transaction as a purchase, the buyer may have to provide additional funds for a down payment and or closing cost..
  3. Obtain all additional documentation required by your Florida mortgage lender for the new loan. Florida mortgage lenders will require income documentation such as pay stubs, W-2s and possibly tax returns. Florida mortgage lenders may also require bank statements if funds are needed to close, or the loan program requires documenting funds to close.
  4. Stay in contact with your Florida mortgage lender during the process. Your Florida lease option refinances lender may require additional items or need to schedule an appraisal of the Florida home. These are all normal and customary items required on traditional Florida mortgage. If your Florida mortgage lender requests any additional documentation, such as additional pay stubs or letters of explanation, provide them as soon as possible. Work with your Florida mortgage lender until all the conditions are approved and the loan is clear to close!
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