Q. How does LeaseOwn Homes help me become a homeowner?
A. LeaseOwn Homes makes it easy to become a homeowner in many ways: First, we make it easy to get into one of our homes with a low down payment and no bank qualifying. Second, we lock in a price so you can build equity before you buy. Third, we contribute towards your down payment when you decide to complete the purchase. Fourth, we offer expert credit restoration advice to our buyers.
Q. Don’t I need to save up more money for a down payment before I can purchase a home?
A. Our Lease-to-Own program applies part of your money towards your down payment every time you pay your rent. Most of our homes have a $250 per month credit, which is $6,000 at the end of a 2 year program just for paying your rent. We also credit your entire deposit towards your down payment.
Q. Don’t I need to improve my credit before I can purchase a home?
A. Bad credit can keep you from getting a home loan, and even if you do get approved, the rates can be so high that making payments is difficult. Don’t worry, just get to work on improving your credit after you move into your LeaseOwn Homes, Inc. We frequently approve applicants who have terrible credit, because we look at your whole financial situation. We do this because we know that you are serious about owning the home someday and will work hard to improve your credit to get you the best possible terms when you buy. We will recommend lenders who believe in our program and we will create a credit improvement plan for you. Most importantly, we lock in the purchase price when you move in, so prices won’t climb out of your reach if the next boom cycle comes while you are working on repairing your credit.
Q. How do you determine if I qualify for your lease-to-own program?
A. LeaseOwn Homes, Inc. looks at your whole situation to determine acceptance. We encourage you to apply even if you have major credit issues, including foreclosure or bankruptcy.
Q. Do we need to wait the full lease term before we purchase?
A. No, your Lease-to-Own option contract guarantees you the right to purchase any time during the lease term. We have had more than one tenant/buyer purchase within 3 months of moving into the property.
Q. What are Rent Credits?
A. Rent Credits is a big part of how we help you save up for a down payment when you purchase. A portion of your rent payment (typically $250) will be applied to your purchase price. Most lenders will even allow your rent credits to be applied to your down payment.
Q. The main reason I want to buy a home is to build up equity when the market appreciates. Will your lease-to-own program allow me to build equity?
A. Yes. The purchase price will be locked in, so you will be building equity when prices start to rise before you even purchase the home. If you don’t either purchase a home or move into one of our homes, you might miss out on the next boom cycle completely! You need a new approach. Contact us today and put an end to the frustrating cycle of waiting and missing out.
Q. What are my options if I cannot qualify for the loan at the end of the lease-to-own option period?
A. You may sell the property and keep the profits if the home has appreciated beyond the contract purchase price. There are multiple ways of accomplishing this and we will recommend title companies who are experienced in these transactions. Of course you may also simply move out with no penalties at the end of your lease term with no further commitments. It’s your choice.