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cash out of a landcontract?

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bruce123 Guest	Posted: Wed Sep 23, 2009 6:05 pm    Post subject: cash out of a landcontract? Like 0 Dislike 0 I am currently in a land contract (5 1/2 years) and am near the end of the term. I am on title but not the deed. Am I able to refinance this with a conventional mortgage and take cash out at closing. Or, because I am not on title would this be a purchase? then if it was the latter would I qualify for the $8,000.00 tax credit? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Wed Sep 23, 2009 10:54 pm    Post subject: Like 0 Dislike 0 Hi Bruce, Quote: I am on title but not the deed.......Or, because I am not on title would this be a purchase? Are you on the title to the property? If you are on the property title, you can definitely go for a refinance and take cash out if there is enough equity in the property. If you are currently not on the title, you can qualify for the tax credit, given you have not owned a principal residence within the past 3 years.

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