Hello, I'm new to BP and have found this to be a great resource.
I've got a tenant that is a good candidtate for a lease-option. Does anyone know if there are any limitations in North Carolina of doing a lease option? These tenants have been great and have been paying early for 18 months. They have spent a lot of there own money on the property and are hoping to be in a position to purchase within the next couple/few years. Does anyone have any good tips on the best way to structure the lease option?
Thanks in advance for any help!
I would download a 1003 app, have them fill it out and see a mortgage broker.
Tell them to have the mortgage broker talk to you about a lease option.
You want to know how they look at FICO income, debt, DTI, etc.
Does not have to be FHA.
Thanks Brian for help and sending the link. Just to clarify I already have a good understanding of FICO score (not great) Income (Very good) and debt (very little consumer debt) do you think I still need to get a mortgage broker involved?
They are still recovering from the FL real estate downturn of 2008.
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