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Any duration required after paying off a land contract prior to applying for a traditional loan?

by Obrandon01100 from Ripon, Wisconsin. May 28th 2018 Reply


Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 527 contributions

I can't think of a situation where there would be a waiting period after paying off a Land Contract. The next step for you is to contact a local lender to go through your qualifications and determine your maximum loan amount. Your loan will be considered a "cash out" refinance and the percent of your home's value will be limited depending on the loan type you and your lender choose. I'd suggest reaching out to friends and family in your area to find an experienced loan officer that can walk you through this process.

May 29th 2018
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SEAN WRIGHT (LANDMARKMORT)
#6 ranked lender in Wisconsin - 41 contributions

You can apply for a traditional / Conventional Mortgage anytime.Certainly should make things easier if you have a paid off land contract.Lets discuss the details and see if we can find a loan for you. I am local in Wisconsin if you want to meet face to face otherwise please call.

May 29th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

More info needed, specifically, when did you purchase the property? Buy the short answer is No.. There are waiting periods for refinancing if you purchased the property inside of the last 6 months.. it can be done even if you purchased it a month ago, but your maximum loan amount could be restricted to a percentage of the lower of the sale price or newly appraised value. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

May 30th 2018
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Steven Brand (stevenbrand)
#2 ranked lender in Minnesota - 97 contributions

Good question and congrats on paying off your contract. If you just paid off the contract... and the assumption is that you had it for a while... my underwriter should not require any extra "wait time". Drop me a line at Steve@StevenBrandHomeLoans.com and I can ask a couple other questions to see what your ultimate goal is.

May 28th 2018
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

Not that I am aware of. You don't even have to pay it off, you can refinance a contract for deed into a traditional loan. I do contract for deed payoff refinance loans all the time. Go to my web page about this subject at https://joemetzler.com/refinance-contract-for-deed.htm. I am also licensed in Wisconsin, so I can actually help you do this too.

May 31st 2018
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