One of the biggest benefits of Lease-A-Home is that the cost of our services are FREE to our clients. There are no excessive bank fees and red tape that could cost you hundreds or even thousands of dollars. To move into your new home all you need is your option consideration (down payment) and the utilities ready to be switched into your name.
What about Bankruptcy?
We can help people that have had a bankruptcy in the past. Typically the ideal amount of time would be 24 months from your discharge date if its a Chapter 7 Bankruptcy and 24 months from your file date for a Chapter 13 Bankruptcy with all payments on time. It is important that your remain current on all your bills after filing bankruptcy. If you have recently gone through a bankruptcy, a Lease Option would be the best fit for you to get into a new home. Don't let bankruptcy ruin your dreams of home ownership.
How do I know for how much I am approved to start looking for a home?
A Lease-A-Home representative will process your full application and contact you with the results. If approved, you and the real estate professional with whom you are working will receive a pre-qualification notice that outlines the parameters for which you are approved to look for a home based on maximum Monthly Rent and maximum Total Cost Basis.
Are any of the monthly rent payments I make applied towards the Purchase Price of the home if I exercise the Purchase Right?
YES. Monthly rent payments are applied to the purchase of the home should you exercise your Purchase Right.
What is a Lease Option?
A lease option (or lease purchase) is a a type of real estate contract between a tenant (also called the "buyer"), who will occupy the home, and the landlord (also called the "seller"), who owns the property. In exchange for this "option" to purchase the home the buyer will pay an up front option consideration payment (similar to a down payment) that is credited toward equity if the option is exercised. During the term of the lease option (typically 6-12 months), the buyer pays a monthly payment to the seller, and in exchange is permitted to occupy the property. The monthly payments are set up similiar to a bank mortgage payment and include property taxes, property insurance and a monthly credit toward the purchase. At the end of the lease option term or at any time during the term of the contract, the buyer has the right to purchase the property outright at a pre-determined price using a mortgage loan or some other financial vehicle.
How long will the process take?
The process typically can take a week to a month depending all on you. We have properties that are currently MOVE IN ready today!
Is there an application fee?
The initial application is FREE. When you are ready to move forward there is a $50 "Background Verification" for each applicant.