Buying A Home With A Lease Option Program
Have you dreamed of owning your own home, but just don’t know how you can manage it?
You might have bad credit, little money for a down payment or no credit history at all. Even so, homeownership is within your grasp by using a lease option program.
It doesn’t matter if you have a bad or low credit score. What we look for is if you have a previous eviction within the last 3 years.
What is lease option?
Lease option is when you enter an agreement with us that states you have the option to buy the home within a certain period of time. . You are guaranteed the purchase price and the rent, during the term or time period. You can buy the home anytime between 1 year and the end of your term.
Why is lease option popular?
Lease option will get you into your house fast! You sign a lease like the one you would any other apartment, stating what the rent is, how many pets you can have, etc. With a lease option, you also sign an agreement that says you have a right to buy the home and for a guaranteed purchase price. The agreement will also state the terms for how long you have to buy the home from us.
The pros of lease option programs
You can get in to the home after you sign all the documents with attorney (as fast as 7 days)
Sign the lease agreements, move in and then work on getting your mortgage.
Work on repairing or building credit while you rent your home
Pay off some bills or establish credit in order to get a better rate on a mortgage.
You can put equity into the house before you even buy it!
Even though you are renting, you know the house will belong to you. You can finish off the basement, paint the walls, add landscaping or whatever else you choose. It’s going to be your home!
Save some money
While you are renting, you can set aside money for a down payment for when you do apply for a mortgage. The larger the down payment you have, the less the mortgage amount will be, saving you even more money in the long term.
Watch the market while you rent
If prices go up, you don’t have to worry because you are locked in at an already determined price. And when you execute your option to purchase, you will have equity in the home.
Lease option is becoming more popular every year and more people are turning to it because they wouldn’t be able to get into a home as quickly otherwise. Some people who use lease option didn’t even know they could own a home. . Lease option may be a solution for you!