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Lease / Option:
Please take the time to fill out the General Information form found in the FORMS INDEX menu so that I can get the ball rolling for you. I am committed to do everything I can to make your home ownership dreams become a reality. Provide as much information as you like so that I can work best to understand and meet your specific needs.
Below is a recent email I sent to one of my Lease/Option clients who had a few questions about the Lease/Option program. Take a minute to read through the email and let me know if you have further questions when you fill in the above forms.
I look forward to speaking with you personally about the possibilities of home ownership.
Sincerely,
Mark J
Hi Angela,
Thank you for taking the time to provide a little more information about the type of house you are looking for.
My lease/purchase plan may be similar to other lease/option or rent-to-own financing plans you have heard about. Basically, you can lease (or rent) one of my houses for a period of time (usually 6-18 months or so) until you are ready to buy the house. I ask for a small downpayment which is your equity in the house. The downpayment will be credited toward the purchase price when you buy the house.
The amount of the downpayment usually depends on how long you need to lease (or rent) the house before you will actually be in a position to buy the house. Sometimes I can accept a little less downpayment up front if you can add money over time, for example paying $500 every 3 months, or if you are expecting to receive a sum of money in the near future which could be added to the downpayment (tax refund, salary bonus, etc). Each Buyer's budget is unique. Please don't expect to lease/purchase one of my houses with $0 downpayment. The odds of ever obtaining the future home financing with $0 downpayment are not good.
My clients typically use the time in which they are leasing (or renting) to improve their credit, save up money for a larger downpayment, build a reliable rent-history, and/or pay off outstanding debt. All of these measures are very helpful for obtaining future financing.
On some of my houses I can provide the home loan rather than you having to qualify at a bank or mortgage company. I can't do this on every house I have listed. And before I agree to give you a home loan, I would ask you to lease the house for a period of time (6-12 months) just to make sure you are comfortable with the house and the payment, etc.
Finally, I try and keep the monthly lease (or rent) payment on my houses as low as possible to allow you the best opportunity to make your payments on time and to save more money for a downpayment. I usually do not credit any of the lease payment (or monthly rent) towards the purchase price of the house because I keep the monthly payment very resonable. Every situation is unique.
I hope this information helps you and please continue to ask questions at anytime.
Sincerely,
Mark J
www.easyHOUSEhelp.com
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