Lease Purchase Program Details
Lease-Purchase Program Details
You pick a home that’s for SALE right now (a real estate agent will be assigned to help you). The real estate investment company will purchase the home. You lease the home from the investment company.
If you choose to purchase the home, you can! Just get a mortgage, like any other home purchase. You have the OPTION to purchase the home and lease the home for FIVE years. You have the OPTION of leaving the lease after one year.
Who is this program for?
- Future home buyers saving for down payment or improving credit score
- Relocators new to the area
- Renters looking for better quality homes to rent
Benefits of the Lease-Purchase Program
- Better quality home to rent
- Much bigger selection of homes
- Real estate professional showing you homes and guiding you
- Option to purchase the home (and not have to move again)
- Stay in the home for five years if you’d like
- Year to year lease renewal option
- Pets okay
Qualifications of the Lease-Purchase Program
- Self-employed okay
- Newly employed okay
- Minimum 550+ credit score
- Minimum $1,250 lease amount
- Minimum household income of $45,000 (household is anyone that is 18+ years of age and living in the property)
- Able to pay the security deposit that’s equal to two months of rent (If rent is $1,500, the security deposit will be $3,000)
- No felonies in the past seven years
- Recent chapter 7 bankruptcy is fine but needs to be discharged
- Chapter 13 bankruptcy is fine but need to show six months of on-time rental payments
- $75 application fee
Interested? Call 678-607-9500.