Refinancing from seller to bank loan

[Allie Pfannenstiel]

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? 

[Curt Davis]

She will first need to qualify for a loan and they will look at credit and job/income.

You should have your mom talk to a mortgage lender now so she knows what will need to happen and how fast in order to get this deal done.

Good luck