Lease / Option
Live in your home while you buy it! |
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| Lease to Own is an excellent opportuntiy for home ownership. Often people have a one-time hit to their credit such as losing a job, getting divorced, or having unexpected medical bills. Since banks only look at a credit score these people can’t qualify to get a typical bank loan, even though their payment history is good. A lease to own is the answer to this problem. There are two parts to a Lease to own, the rental agreement and the purchase agreement.
Rental Agreement The buyer agrees to rent the home for at least a year for a set amount.
Purchase Option Agreement A down payment of 3-10% is payed up front and an additional sum is payed each month toward the purchase of the home. Each month you buy down your purchase price by the extra monthly sum plus an additional sum contributed by APH. When your credit is good enough to get a traditional loan you will own the house and you will no longer owe rental payments! Some properties may offer financing that does not require bank qualifying. A larger down-payment is needed for this option. Buyer Home ProfileTell us what your needs are. New homes are always becoming available through APH. If we know what your needs are for a home, we can help you get into the home of your dreams. Please take the time to fill out the information request below and we can help you get into a home that you love. |
Related Articles
- 47 Posts on Pros and Cons of Rent to Own Homes (rentersinsurance.org)
- Top 10 Reasons People Decide to Buy a Home (doorfly.com)
