Do you know that MortgageDepot affords a particular calculation for rental credit score allowed on lease-to-purchase transactions? It’s true!
When a Borrower decides to buy the house they’re presently dwelling in and there’s a lease-to-purchase choice by the Landlord, the next standards apply:
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- The Borrower have to be dwelling within the topic property for at least 12 months and have a legitimate lease for at least 12 months of canceled lease checks.
- The utmost rental credit score allowed in the direction of the down fee is the distinction between the precise lease being paid and the market rents as decided by the Appraisal report.
- An appraisal type 1007 lease schedule have to be ordered with the usual appraisal report.
For instance:
Precise Hire: $2300/month
Market Hire: $1800/month
Rental Credit score: $500 X 12 months = $6,000
Contact us to see what your choices are on the subject of lease to buy also called Hire to Personal choices obtainable to you. We are able to make it occur.
