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Lease Purchase Buy Now With Low FICO Scores
The term Lease Purchase or Lease Option Purchase come up often in conversations with buyers who know their credit needs improvement but have a desire to move toward home ownership. The National Association of Realtors defines it as follows:
Lease Purchase (Lease Option Purchase) - "Lease-option agreements are generally utilized in residential real estate acquisition when a home buyer would like to purchase a home, but needs to repair their credit rating in order to secure a promissory note and mortgage. The lease-option agreement allows a buyer to lease a property for a set period of time—typically between 1-3 years—with the option to buy the property at a contractual future date."
THE 1ST QUESTION IS, HOW DOES IT WORK?
TERMS ARE NEGOTIABLE. The terms are primarily based on how much time is needed before home purchase. This option will require a security deposit and/or down payment. There will be a monthly payment and in many instances, a portion of that monthly payment will be a credit toward the home purchase.
THE 2ND QUESTION IS, HOW DO YOU IDENTIFY THESE HOMES WHILE SEARCHING ONLINE?
ASK A REALTOR. Once you've identified the general area where you'd like to reside, the next step is to reach out to an buyer's agent to effectively identify available homes offering a Lease Purchase as an option.
ARE YOU READY? LET'S GO! CALL/TEXT/EMAIL TODAY TO GET STARTED.
United Real Estate
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