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Each sub-prime lender has different guidelines pertaining to lease/purchase refinancing so there aren't specific steps to qualify for everyones program. In my opinion First Franklin is the easiest. They allow the seller & buyer to set the "pay off" amount (no "rent schedule" needed by the appraiser to determine the "market rent") and will use new appraised value after the 12 month mark, limits the LTV to 80% though. Alt-A & conforming lenders also do lease/purchases, but they are treated as a purchase instead of a refinance.
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