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NEWSLETTER
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Periodic email articles covering mortgage insider tips, credit concerns and updates on major loan developments.
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Loan programs are still available for First Time Home Buyers at A-Paper rates that allow for lower credit scores and lower income requirements yet. Programs are available up to 100% of the purchase price with down-payment assistance grants for closing costs!
Special programs for:
Police Officers
Firefighters
Teachers
Public Employees
A Lease-Option (also called Rent to Own) is somewhere between Renting and Owning with some benefits of both. It is two contracts: a Lease and a non-binding Option to Purchase the home at a predetermined future date at a pre-set (but not always) price. In this arrangement you are both a Buyer and a Tenant.
Here are some features and benefits for the tenant/buyer:
Time: Before you actually buy the home, you will have 3-24 months (depending on your agreement) to repair your credit, find the best interest rates, investigate the home and research the neighborhood and/or schools.
Minimal maintenance: Large maintenance problems or any maintenance problems that exceed a certain amount of money can be delegated to the landlord/seller.
Privacy: Your name will not be on the deed or in the public records until you exercise your option to buy.
Rent money is working towards purchase: Every month a portion of your rental payment (typically $100-$500) is credited towards your down payment or off of the sales price.
Option money is credited towards purchase: When you sign a Lease 2 Purchase contract, you will pay the seller an option deposit. This money is your vested interest in the home and will be fully (100%) credited to you when you buy the home.
Minimum cash out of pocket: When you purchase a home the conventional way, you must pay at least 5% down plus closing costs and prepaid fees. When you buy with a Lease 2 Purchase, you only pay first month's rent and a small option deposit. This will save you between 25% and 85% every time you buy a home.
Frequently no down payment at close: Since you have given the seller an option deposit and you have been receiving monthly rent credits, there will frequently be very little or nothing left to pay for a down payment at closing.
Profits from appreciation: Since the sales price is locked in before closing (as specified in your agreement), any increase in property value will mean that your equity (what you owe minus what it's worth) is increasing in the home.
Increased buying power: When you buy a Lease 2 Purchase home, you can put down as little as first month's rent and a $1 option deposit. Compare that to a typical bank or lender who requires 5-30% down plus closing costs and prepaids.
Credit problems okay: Qualification restrictions simply do not exist. You will be approved at the sole discretion of the landlord/seller.
No lengthy escrows or mortgage approvals: Your approval will be based solely at the discretion of the landlord/seller instead of a lender who can take up to a month (or longer) to render a decision.
Control of the home: You will be put in full legal control of the home for a specified period of time without actually having to own it.
No taxes, less liability: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced.
Quick move in time: You can typically take possession of the home in a week or less, instead of conventional move in times of one to three months, after your offer was accepted.
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