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Do you know that MortgageDepot presents 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 at the moment residing in and there’s a lease-to-purchase choice by the Landlord, the next standards apply:
The Borrower have to be residing within the topic property for at least 12 months and have a legitimate lease for at least 12 months of canceled hire checks.
The utmost rental credit score allowed in direction of the down cost is the distinction between the precise hire being paid and the market rents as decided by the Appraisal report.
An appraisal kind 1007 hire 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 referred to as Hire to Personal choices obtainable to you. We will make it occur.
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