Lease Option FAQ

Is a down payment required?
YES. To legally have an option to buy, you must pay money for consideration to exercise the option to purchase the property, and lock-in the purchase price. This consideration will go towards the purchase price of the property when the option is exercised, and it is non-refundable if the option is not exercised during the term of the agreement.

A quick example of the down payment process:
Purchase price - $150,000.00, down payment amount of $7,000.00. The amount due when you qualify for bank financing is: $143,000.00 ($150,000.00 - $7,000.00).

How much is the down payment?
That depends. A large down payment will help tremendously when you're working with a bank for long term financing. You should offer as much of a down payment as you can afford, so that we may get a home in your name as soon as possible.

Higher down payments will give you first choice when your ideal home is available. However, you should know that if you fail to qualify for bank financing within the term of the lease, your down payment may not be refundable.

Does any of my monthly payment go toward the purchase price?
No.

I have horrible credit. Can you help me?
Most likely, yes. Depending on how much you can afford as a down payment and just how bad your credit is, we may still be able to get you in a property. We can put you in touch with a Credit Repair Specialist who can assist you in finding a credit solution.

Please contact us to receive notification when we have lease option homes available.