Helping sub2 seller qualify for new loan
Posted by: walkman101
Posted on : 5/9/2011 3:48:00 PM
What document do I need to help the sub2 seller qualify for a new loan.
Sub2 was 5 years ago, lease option tenant currently scheduled to cash out in a year or less assuming improvements in credit.
Re:Helping sub2 seller qualify for new loan
Posted by: WilliamGA Still Master of ALL I Survey
Posted on : 5/9/2011 8:00:30 PM
What you are going to need to do is get your seller's loan officer to tell YOU exactly what they need to make this work.
Assuming that your seller's debt to income ratios and credit score are ok, the lender usually just wants to see that someone else is taking care of the payments. This usually will be satisfied by a copy of a deed, 12 months cancelled checks where you have been paying, maybe a HUD1 from when your seller sold the house to you, any one or all of these.
This should take care of what they need and if not, docs much like them will.
How beautiful would this world be if we all practiced what we preached?