No Money Down

Special arrangements towards purchasing a property such as:  lease purchase (sometimes called a “rent-to-own” agreement), land contract (sometimes known as a “contract for deed”), sales agreements and private mortgages are allowed to be treated differently than a typical purchase transaction.  In these particular cases, the client may be able to purchase the property from the seller and have the transaction treated as a refinance!  This is extremely beneficial because the appraised value is used instead of the original purchase price to determine how much money can be lent to the client.  If there is sufficient equity (e.g.  {appraised value times maximum loan to value percentage} minus {the amount owed to the seller plus closing costs}), the client may use the equity to cover any and all of the down payment and closing costs needed to purchase the property!