How to enter a Lease purchase or Land contract buyout?

Please see the steps below on how to enter.

  • Set purchase price to price on contract 
  • Set the loan amount to the desired amount 
  • Navigate to details of transaction 
  • In the other credit drop-down, choose Land Purchase Fund 
  • Add a credit for the amount the borrower has been paying on the contract 
  • Run AUS 

According to Fannie, if the contract is dated within 12 months, it is to be set as a purchase. If it is dated greater than 12 months it is considered a refinance