That fee would be applied toward the purchase price if the tenant proceeded to purchase the house.

.~ How long does it typically take from the time you apply to the time when the LOC is approved and available for use?

For information on how that applies to your case, seek out an attorney, but the beneficiary designations are related to this distinction. 

My recommendation on studying may only apply to the Washington state test so be forewarned.

Then, by using "delayed financing", apply for immediate cash out, up to the FULL purchase price (but not likely including rehab costs). https://www.fanniemae.com/content/guide/selling/b2......"

However, something to consider is when the lender runs the Automated Underwriting System (AUS) and it refers and then the lender manually underwrites and applies their own overlays.

I admit I do not know Portland, and sounds like you are not yet overly familiar yet either, so I still think my story and advise apply ...Some time ago my wife and I moved from LA to OC for a job.

With 10% or more your option contract will be an installment sale, that will give you a tax liability of a sale and can also mean that your buyer may be entitled to  all of her money back.It's the seller's responsibility to ensure a buyer qualifies for terms agreed with an installment sale, look up "ability to pay rules" which will apply to an installment sale with a buyer who will occupy a residence.

Credit score isn't the only thing taken into consideration when applying for a loan.

t=1m35s Rule #2 doesn't apply!