Buying A Home With A Lease Option Program

Buying A Home With A Lease Option Program

Buying a​ home with a​ lease option program
Buying a​ home with a​ lease option program
Have you dreamed of​ owning your own home, but just don’t know how you can manage it? You might have bad credit, little money for a​ down payment or​ no credit history at​ all .​
Even so, homeownership is​ within your grasp by using a​ lease option program .​

What is​ lease option?
Lease option is​ when you enter an​ agreement with a​ landlord that states in​ the future you have the option to​ buy that house .​
You agree on a​ price when you begin the lease, and if​ you opt to​ purchase the house, then you get a​ mortgage and end renting .​
If you opt to​ not buy the house, you move on or​ continue to​ rent .​

Why is​ lease option popular?
Lease option will get you into your house fast! You sign a​ lease like the one you would any other apartment, stating what the rent is, how many pets you can have, etc .​
With a​ lease option, you also sign an​ agreement that says you have a​ right to​ buy the home and for what price .​
The agreement will also state the terms such as​ how long you have to​ decide on buying and what the expenses will be for both you and the seller .​

The pros of​ lease option programs
• You can get in​ to​ a​ house immediately .​
Sign the lease agreements, move in​ and then work on getting your mortgage.
• Work on repairing or​ building credit while you rent your home .​
Pay off some bills or​ establish credit in​ order to​ get a​ better rate on a​ mortgage .​

• You can put equity into the house before you even buy it! Even though you are renting, you know the house will belong to​ you .​
You can finish off the basement, paint the walls, add landscaping or​ whatever else you choose .​
It’s going to​ be your house!
• Save some money .​
While you are renting, you can set aside money for a​ down payment for when you do apply for a​ mortgage .​
The larger the down payment you have, the less the mortgage amount will be, saving you even more money in​ the long term.
• Investigate the market while you rent .​
If you are in​ a​ seller’s market, you can see if​ the prices go up or​ down while you are renting .​
If they go down, you can opt to​ not purchase and find another house that may be less .​
If prices go up, you don’t have to​ worry because you are locked in​ at​ an​ already determined price.
• Know you have options .​
If while you are renting and a​ job transfer comes up, know you aren’t obligated to​ buy the house .​
You can end your lease, move to​ another city, and begin another lease option program that can benefit you where you will be living.
Lease option is​ becoming more popular every year and more people are turning to​ it​ because they wouldn’t be able to​ get into a​ house as​ quickly otherwise .​
Some people who use lease option didn’t even know they could own a​ home so quickly .​
Lease option may be a​ solution for you!

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