I Want T/B To Purchase - Need Advice
Greetings All,
Like the subject says, I want my future T/B to be able to exercise their option to purchase. What steps should I be taking to insure the best chance of this happening.
During screening what should I be looking for?
-Income? DTI? Credit? All of the above?
-What should the Fico threshold be to qualify for the purchase/refi?
The sale price should be in the 530k range... Should I still be charging a 3% deposit? i.e $16,000.00.
Any Californians know a mortgage broker that treats the L/O financing as a refi?
Any other things I can do or look for to help the T/B qualify for the home?
The Deal:
FMV: $520,000+ ...Built 2005, Nice Neighborhood
My Option: $505,000
My Consideration: $0.00. + $2000 security deposit
My Rent: $2000 - this is right around market value
Like the subject says, I want my future T/B to be able to exercise their option to purchase. What steps should I be taking to insure the best chance of this happening.
During screening what should I be looking for?
-Income? DTI? Credit? All of the above?
-What should the Fico threshold be to qualify for the purchase/refi?
The sale price should be in the 530k range... Should I still be charging a 3% deposit? i.e $16,000.00.
Any Californians know a mortgage broker that treats the L/O financing as a refi?
Any other things I can do or look for to help the T/B qualify for the home?
The Deal:
FMV: $520,000+ ...Built 2005, Nice Neighborhood
My Option: $505,000
My Consideration: $0.00. + $2000 security deposit
My Rent: $2000 - this is right around market value
Comments(0)