Loans with seller financing

[Christian Baratta]

I have a recently closed on a deal that was seller financed. I was in the process of filling out a loan application and it asks if you own or rent, and what the payment is. My question is, how do I properly fill this out due to there being no financial institution involved. Any advice is greatly appreciated. 

[Chris Davidson]

@Christian Baratta If you took title then you own it, and if you have a payment you should put the payment down. Otherwise its fraud, it is no different then renting from a landlord as there is no financial institution involved but you still put it down.

If in doubt ask the loan officer and they can advise you how it needs to be filled out.