Lease Purchase / Lease with Option to Buy Program


 

How It Works

The heart of the Lease Purchase Program is finding the right people from all walks of life who are ready to make the commitment to home ownership.

You Choose Your Home

With the help of one of our Realtors, you find the home that is right for you, your family and your life.

You can select from any of the 1000s of homes available on the market for sale.

The Lease Purchase Program Buys It for You

If you qualify for the Lease Purchase Program, we will help you choose your house, the Lease Purchase Program will then buy it for you, and together we decide what repairs or upgrades to make before you move in.

Rent It First. Buy It When You’re Ready

The Lease Purchase Program leases your home to you at a fixed monthly lease payment. At any time after the first year of your lease, you can decide to buy your home.

Share In The Appreciation

You share in the appreciation of your home while renting because you get a credit for 50% of the appreciation if you decide to buy. In other words, the Lease Purchase Program can help you build value from day 1 of your lease.

 

BASIC LEASE PURCHASE PROGRAM CRITERIA:

You do not have to meet stringent institutional lender guidelines and may qualify even if you have been rejected for a mortgage, have recently moved or changed jobs, are self-employed, have irregular or undocumented income, suffered credit challenges due to temporary job loss, foreclosure, short sale, or even bankruptcy.

You must, however, be able to demonstrate that your credit problems were temporary and that you have the ability to make the monthly lease payments required under the Lease Purchase Program.

 

EMPLOYMENT:

A minimum of 1 year employment  history  is  generally  required  for  all  Participants whose income is being used to qualify.

Three months for recent graduates from college or  trade  schools  and  military  personnel  provided  they  are  employed  in  a  similar  and related field to education.

 

CREDIT:

Credit score less than 580 can be accepted depending upon other circumstances.

Bankruptcy, Foreclosure, Short Sale and Deed in Lieu that have taken place within the last year will be considered with explanation of extenuating circumstances.

 

INCOME:

Bank Statements Program: Average of all deposits on personal bank statements for 24 months will be considered as an alternative income source if traditional income verification sources not available.  

Total monthly debt cannot be more than half of monthly income unless Participants are veterans and meet US residual income requirement as published by the U.S. Department of Veterans Affairs.

 


Take the First Step...

Please be as detailed as possible to help us help you. We are excited about working with you to help you get qualified and find your new home!




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