Lease Option in North Carolina.

2 Replies

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!

Matt

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.

1003

https://www.fanniemae.com/singlefamily/selling-servicing-guide-forms

You want to know how they look at FICO income, debt, DTI, etc.

Does not have to be FHA.

Medium banner reiskills 997   copyBrian Gibbons, REISkills | [email protected] | 818‑400‑3046 | http://MyREISkills.com

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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