Recent Study

A recent study indicated that the recent mortgage meltdown and liquidity crisis have eliminated more than 200 multi-billion dollar lenders, more than 3000 available mortgage loan products and current lending guidelines now disqualify more than 74% of the buyers in the marketplace who were qualified for a mortgage just 12 short months ago. 

Now more than ever, Americans are seeking alternatives to conventional bank financing to obtain their dream of home ownership.

While there are a variety of creative financing options available in the marketplace, it is imperative to understand the true structure of the financing to ensure that it will put you in a position to actually own the home.

Properly structured, lease options, sometimes called rent to own, can offer a phenomenal opportunity to buy a home, build equity, get credit for rental payments, rebuild credit and participate in a home's appreciation.

For this reason, it is important to work with a professional company who is truly looking to improve your quality of life by positioning you to be able to own the home. All Lease Option agreements are NOT created equal. It is a very complex document including terminology like option, rent credits, option price, option money and must be structured properly or you can end up paying significant amounts of money for a home you will never own. Other important factors are the current status of your credit report and the time that will be necessary to qualify for conventional mortgage financing.

Frequently Asked Questions

 

Transaction Highlights

 

Q.    Why do you require an application prior to viewing the home?

A.    A good Real Estate Agent will always require a client to get pre-approved with a mortgage company prior to showing them any home.  The reason for this is to ensure that no ones time is wasted.  It is heartbreaking for you and frustrating for the  person who takes the time and to show you the home.  (Usually a Real Estate agent)  We do ask that  you drive by the home first and make sure that you like the area and neighborhood.

 

Q.    What is your application fee?

A.    Our application fee is currently $37.  This covers the hard cost of credit reports as well as the cost of an employee to process your application.

 

Q.    What exactly is a lease option?

A.    A lease option is a contract where you lease a property for a specific period and have the option to purchase the property at any time during this period for a pre-determined price.  A portion of each month's rent goes towards the purchase price of the home.

 

Q.    What is the term of your lease?

A.    All of our leases are set up on 24 month terms.  We do this because in our experience, it can take a minimum of two years for you to repair your credit to the point that you would be able to qualify for traditional financing.  Of course, you are free to exercise your option at any time during the 24 month period.

 

Q.    What down payment/deposit is typically required?

A.    Based on your situation, we require between 2-3% of the value of the home in non-refundable option money.

 

Q.    I am very interested in owning a home, but am short on the option money.  What can I do?

A.    Enroll in our Down Payment Builder program!  By providing referrals to either qualified lease option tenants or people who need to sell there home quickly you can earn the required option money and become qualified for our Lease Option program!

 

Q.    What does Rent Credit Mean?

A.    The rent credit is the amount of your rent that goes towards the purchase price of your home.  Every situation is unique, but typically we will offer 80-100% of your first year's rent in a rent credit.  This will hopefully (no one can predict mortgage guidelines 24 months from now)  allow you to purchase the home without additional down payment or closing costs out of your pocket.

 

Q.    What happens I don't make my payment on the first of the month?

A.    We have investors to answer to, and as such, it is imperative that you make your payment on time, without exception.  You are incentivized to do this via the rent credit that you receive only if the payment is made on the first of the month.  There is no grace period and if they payment is made on the second, you lose the entire rent credit for the month.  You are literally throwing money away!

Click a link below for more FAQs on the

• Qualifications of our Program and            

•  Benefits that detail the terms of the contract. 

We can help you!

 

Are you ready?

If your answer is yes, click Apply Now! to begin the journey to make your dream come true.

Everyday we help people just like you realize their dream of homeownership.