Q: WHAT IS A "LEASE-TO-OWN" HOME?
A: You are given the opportunity to lease the home with the option to purchase the property during the term of the lease. While leasing the property, it gives you the time to resolve credit issues and qualify for conventional financing.
Q: MY CREDIT STINKS!
A: Not a problem. We welcome you. We want to support you in every way possible to help you and your family restore your credit to qualify for conventional financing while enjoying the comforts of home.
Q: IS LEASE-TO-OWN A GOOD IDEA?
A: Certainly. If one or more of the following is true:
- You are tired of renting and want to purchase a home, but your credit, or income prevents you from qualifying for conventional financing.
- You need time to save money for a down payment and closing costs for conventional financing.
- You would like to own a home but haven’t been on the job long enough.
...then lease-to-own is a great way to go!
Q: WHAT SORTS OF DOCUMENTS WILL I SIGN?
A: There are two parts to a lease-option purchase:
- Lease Agreement: Specifies the monthly rent amount and standard lease terms.
- Option to Purchase Agreement: Details the purchase price and number of years to exercise the option between the seller and tenant/buyer.
Q: HOW MUCH IS THE LEASE-OPTION FEE?
A: Most fees are between $2500-$4500, depending on the home. The higher the down payment you have, the better it is for the seller to sell you the home rather than to another family interested in the same home. The down payment usually comes off the purchase price of the home.
Q: I DON'T HAVE ENOUGH MONEY NOW. WILL YOU WORK WITH ME?
A: Absolutely. Everyone has a story to tell, and we listen to all of them.
Q: SOUNDS GOOD. WHEN CAN WE MOVE IN?
A: Many lease-to-own homes are vacant and available today. Once we check-out a few things, you could be in your home in 3-5 days.