Refinancing from seller to bank loan
hi everyone,
So I'm looking to help my mom do a seller finance deal with the lease option she got into 5 years ago and then refinance with a conventional loan. What is the process and how hard is it to qualify for refinancing? Do they still look at your job and income and credit score? Or will they look to see that she has lived there for five years and always made her payments? She is self employed hair stylist so it is hard for her to qualify fora traditional loan.
Lease option to buy: 115,000
Current market price: 180,000
Our idea was to get seller financing and refinance to after a year to get her friend paid back. Any advice?