- Lease to Own Option Program – Our Lease to Own program allows you to lease and occupy a home while building equity towards the sale price. The sale price is set the day you sign the “Lease Option” agreement. This way you enjoy the pricing and value of ownership today even though you are making the final purchase of the home at a later date. Plus, any work you do to the home will not be wasted when the lease is over. A down payment is required to make this possible.
- Owner Financing – Since we own the homes, we are free to work out a special financing arrangement to suit your needs. We can provide owner financing for all or part of the purchase price regardless of your credit, debt ratio, income verification, and other factors that may have prevented you from obtaining bank financing. This option will require a down payment to make it possible.
- Down Payments – On lease to own or rent to own properties, in short, the more you have to work with the easier it will be to get into your new home quickly.
- Work for Equity Program – You may also like to do some repairs yourself in exchange for a reduced price.
Remember, regardless of what kept you from buying a home in the past, don’t let it stop you now! You are talking to the owner directly, not a realtor. We are free to work it out between ourselves without banks dictating the rules. If you are ready, give us a call at .
We are not Realtors who are selling someone else’s homes, bankers or loan brokers who get paid to find you a loan. We are actually the owner of some lovely homes that are available for purchase in various ways including lease to own. Since we own the homes, many times (depending on your circumstances) we are willing to finance all or part of the purchase ourselves or lease to own them to you. All the normal rules concerning credit, debt ratio and proof of income are thrown out the window. Since we own the homes, we can be very creative with the financing and structure it to fit your needs.
If we have a home you like and you have something we can work with, you can be in a home in less than 30 days. If you have very bad credit and no money – unfortunately we probably can’t help you. On the other hand, if you have some money but have lost your credit, we can probably help you with a lease to own home now.
Rent-To-Own Your Dream Home!
Do you have at least 20% of the purchase price as a down payment on your dream home? Is your credit score above 700? Do you have a low number of inquires on your credit report during the past two years? Of-course you have zero balances on your credit cards – right? Or do you otherwise have what would be considered a good debt to income ratio? For that matter, how is your income and employment history? No recent job changes – right?
When it comes to buying a house, all of these considerations (and more) come into play for qualifying to get a mortgage. And if you answered “NO” to even one of these questions, or some others just like them, your chances of getting financing at this time are significantly reduced… In which case a “Lease-Option” or a Lease with an Option to Buy (aka “Rent-To-Own”) may be the perfect path to get your dream home NOW, despite needing some additional time and effort to be able to qualify for mortgage financing LATER.
What Is / Why Lease-Option?
Lease-Option (aka “Rent-To-Own”) is a deferred purchase method, where you start out as a Renter with a Lease for a specific term (normally 1 To 3 years); at the end of which you then have the Option to purchase and become a Buyer (Owner) at a predetermined price.
Lease-Option has both pros and cons (see below) for both sides (Buyer and Seller), but it is an ideal purchase method for Buyers when they find a desired home at a time when they cannot yet qualify for a mortgage (due to any number of reasons) to purchase in the typical manner.
Rent-To-Own via a Lease-Option therefore solves problems for both the Renter / Buyer and Seller… Obviously for the Buyer the primary benefit is getting a desired home NOW, with a locked in price at which they can buy LATER. And the Seller benefits by getting a short-term tenant that actually cares about the home and treats it accordingly – because they will eventually buy it. This creates a “Win / Win” scenario…
How Does Lease-Option Work?
As with most Real Estate transactions, a Lease-Option deal starts with negotiation… To be determined are: (1) Rent; (2) Non-Refundable Deposit; and (3) Purchase Price. The amount of “Rent” is normally the going market rate for the home type, size, location, etc… “Non-Refundable Deposit” is a negotiable one-time upfront payment to establish the agreement, that is applied to the deposit amount at purchase (or forfeited if the purchase never takes place). And “Purchase Price” is the negotiable amount that will be paid for the house, to which the “Non-Refundable Deposit” will be applied as a credit at the time of purchase.
Here’s a common Lease-Option / Rent-To-Own example: If the house were worth $150,000, and if typical market rate rent would be $1,500, in addition to paying this amount monthly, someone who wants this home on a Lease-Option to Rent-To-Own might also put down a $5,000 deposit. And at any point during the 1 to 3 year term of the Lease, they can proceed to purchase the home outright for the remaining balance due of $145,000.