Posted on: 22nd Dec, 2009 02:32 am
i have owner financing on my home. i have kept up with my payments within the last year and my down payment was a 10 percent....i m ready to refinance on a lower rate. is that possible?
Yes. You will need to provide proof that you made those payments and qualify for the new loan with your income and credit. What is the rate you're currently paying?
your post is titled "bad credit." i assume that's the case from when you obtained your owner financing. have you taken steps to improve that bad credit other than making the payments on this private mortgage? you'll find that lenders will seek exactly that if you begin shopping for a refinance.
if your credit situation isn't so much bad as it is a lack of credit, you can provide "alternative" tradelines, such as homeowner's insurance, auto insurance, utilities (light, heat, phone) to a potential lender for their consideration.
if your credit situation isn't so much bad as it is a lack of credit, you can provide "alternative" tradelines, such as homeowner's insurance, auto insurance, utilities (light, heat, phone) to a potential lender for their consideration.
hallelujah for these clarifying posts!