We appologize, but we have difficulties locating properties for Lease with Option so we stopped offering this program temporarily. When the market changes we may continue with the program.
Thank you for your interest in our Lease with Option to Buy program. We would like to give you more information on what Lease with Option to Buy means and how the program works. The Lease with Option to Buy has two parts:
- Lease - this is the same as any lease you will sign if you are renting a home.
- Option contract -the option has an expiration date. It gives you the right to buy the seller's property at specified price within that time period. The price of this option is equal to 2-3 months rent.
The Lease with Option to Buy period is usually one to three years. It depends on how much time you need. After the expiration date of the Option, if you don't buy the property - you will lose the option money. That is why we ask you to speak with our lender before we start looking at homes. We will also get an idea of what you can afford based on your current debt to income ratio.
Your credit score doesn't matter right now, but our lender will make a decision after talking to you if the issues you are facing can be resolved within 1-2 years. Usually, the Lease with Option is used by clients who need to work on some credit or other issues, or clients who are new to the area and would like to have some time before they buy. If you are interested in the lease with option program please fill out the form below and we will contact you within 24 hours.
Here is how it works:
- The first step is to fill out this form: Lease with Option to Buy Registration
- The second step will be to talk to the lender we use. We need to know what is your particular situation.
- After that we will email you a list of homes and we will start looking. Once you are in the home of your choice, you can sign for a Credit Repair program or do it on your own.
Note: Your credit doesn't matter at this point. The only exception is Foreclosure. It takes min 5 years to be able to buy a home. If you had Bankrupcy in the past, it has to be discharged. No recent or multiple evictions.
These are the four criteria you need to meet in order to qualify to do lease with option to buy:
- You need to have minimum of $1,000 (option fee), which is credited to your downpayment and closing costs plus first month rent.
- Looking to move within 60 days
- Min Home value - $65,000, your gross income should be min $25,000
- You need to let our lender prequalify you.
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