There’s more than one way to buy a home. Though not for everyone, the lease with purchase option program can be a great way to finally buy the home of your dreams.
- $50K/year minimum household income
- Minimum 550 credit score
- Double deposit (refundable)
- No evictions
- No felonies
- No open bankruptcies
- Home must be in a good school district and have no major defects
Strategic Home Buying
Learn more about the lease with option to purchase program by watching this video. If you have any questions about the program let us know. We’re here to help you determine your fastest and most cost-effective way to move into a home of your very own.
The Pros and Cons
Fixed Price Increases
The right-to-purchase price increases by 5% each year. In areas where homes appreciate more than 5%, you can purchase the home at a price that’s below market value. If appreciation is less than 5%, you can walk away and your security deposit will be refunded to you.
House Repaired Prior to Move-In
The house will be improved as needed before you move in. Our investor will paint, replace flooring, etc. at their expense. The cost to improve the property and closing costs will be added to the right to purchase price.
Your two-month deposit is treated like a security deposit and is fully refundable when you move out, assuming the house is left in good condition.
A $2,500 maintenance fee is added to the right-to-purchase price to cover the cost of ongoing maintenance. If you opt NOT to purchase the home, you will not be responsible for this fee. If the cost to repair the property is less than $2,500, the right-to-purchase price will be reduced accordingly.
This is a FOR-profit venture for our investor. Part of their profits come from charging above-market rent. Sometimes much higher. Even so – when used properly – a lease-option can be a smart and cost-effective way to get into a home.
This program isn’t for everyone; it’s not meant to be. But for people who can’t immediately qualify for a mortgage and who are sick of moving and changing schools, it’s a risk-free path to home ownership. If you are a first-time homebuyer who can’t win a bid because your down payment is too low, it’s perfect. If you can’t find a decent rental, this program gives you hundreds of homes from which to choose. Call now to see if the Lease with Option to Purchase program is right for you.