Lease Purchase
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Frequently Asked Questions
General questions about our company, service, and properties we offer on this website:
- What does Lease Purchase actually mean?
- What is the Lease Purchase process?
- Do appliances or furniture come with a Lease Purchase home?
- What if I have bad credit? Can I still get a Lease Purchase home?
- Is there a down payment on a Lease Purchse home?
- What are the benefits of a Lease Purchase home?
- What are the requirements of a Lease Purchase arrangement?
What does Lease Purchase actually mean?
In most cases, a Lease Purchase agreement is a contract on a property that works like a lease and leads to a purchase. It’s often called a lease with an option to purchase which is 10% of the purchase price.
The lease portion is a standard rental agreement that includes monthly rent, option consideration, and other typical terms.
The option in the contract gives you the right to purchase the property at any time within 3 to 5 years depending on the property and loan in place. This gives you the ability to live in a house that you’ll purchase at a later time, repair credit, increase your income, or otherwise improve your ability to qualify for a mortgage.
Most of the time people use a traditional mortgage loan to purchase the property prior to the expiration of the option period, but there are other options if your financial situation has unique needs.
We help lots of people in our community just like you as you move forward with purchasing the home of your dreams.
Fill out the form below to get started on your way to home ownership!
What is the Lease Purchase process?
The Lease Purchase process is actually pretty simple.
Once you’ve seen one of our fantastic properties, we’ll give you an application to fill out. Don’t worry – we help people with all kinds of credit and financial situations, and if you can afford the property, we can probably help you to own it.
After you’re approved to rent the property, just sign the lease, pay your option consideration, and rent – then move on in!
Your lease/purchase agreement (also known as the Lease Purchase contract) will spell out the length of time that you have to complete the purchase of the property – typically 2-5 years, but in certain circumstances we may extend your option if you need more time.
*Also, you can purchase the property for the remainder of the balance with a bank loan, cash, VA Loan etc at anytime without any penalties. We will just schedule a date with the attorney you’ll pay closing cost and title will be transferred at closing.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!
First step – Call us and leave a detailed message at 912.421.8574 or message us on Facebook – https://www.facebook.com/PreferredHomeOffers.
We will gather information from you to begin your search for a Lease Purchase Home.
Call us or Message us on Facebook and get started now!
Do appliances or furniture come with a Lease Purchase home?
Most of the time, furniture isn’t included with a lease/purchase.
Generally, the basic appliances are there – like a refrigerator, stove, oven, and sometimes extras, like a dishwasher, a washer and a dryer. Parts of a property that are installed or attached – like the heating system and air conditioning – are definitely included.
Sometimes, we’ll offer a property that includes some furnishings. Most buyers want to bring their own stuff with them from their previous home, and that’s why furniture is sold separately.
There are many companies out there that provide a rent-to-own service for furniture or extra appliances, and you’ll get lots of choices on styles and types.
But be careful!
Even though rent-to-own real estate can be a great deal, some (not-so-honest) furniture companies will charge you huge amounts for a rent-to-own agreement. You might end up paying 2-3x more for these products than if you bought them outright.
Plus, those appliances will probably go down in value – unlike real estate, which usually goes up in value.
Of course, you want your money to be going to an asset (like your home) that will rise in value, not expensive interest payments on new furniture.
So don’t wait! Fill out the form at the bottom of this page to get started now.
What if I have bad credit? Can I still get a Lease Purchase home?
Yes you can! Many people with bad credit can still get a Lease Purchase home.
Every situation is different, but we specialize in helping people who have been through tough circumstances (or just made mistakes in the past) to repair their credit and get started on the path to a great financial future.
Even if your credit is bad, you can still own a property!
One of the major benefits of a Lease Purchase scenario is that it gives you time to repair your credit before you purchase your home. You’ll enjoy many of the benefits of home ownership while you’re rebuilding your credit and saving money towards a down payment.
So fill out the form at the bottom of this page now and get your piece of the American dream!
What are the benefits of a Lease Purchase home?
There are a lot of benefits of a Lease Purchase agreement!
In the southeast Georgia area, lots of smart people are using Lease Purchase agreements as a way to get the home of their dreams without having to qualify for a bank loan right away.
In the past few years, banks have been very tight on their lending criteria. Most people who use a rent to own agreement want a few years to get ready to qualify.
Here are a few more reasons to use a rent-to-own agreement:
- Try before you buy! You get to live in your leased home before you actually purchase it, allowing you to make sure it’s actually your dream home.
- Own without great credit or a big down payment. You can start feeling like a homeowner right away while saving up and improving your credit.
- Privacy. You’re not listed as the purchaser on any public records until the closing takes place, giving you years of privacy.
- Move in fast. Since you don’t have to wait for a mortgage, you can often move in right away – and get started living a new life in the home of your dreams!
So don’t wait! Get started now by filling out the form at the bottom of this page.
Is there a down payment on a lease purchase home?
We require an up-front down payment, called option consideration, that will be applied against to the down payment when you do eventually close on the property. Generally, your down payment will be usually around 10% (Non-Refundable) of the purchase price, depending on the home and your personal situation.
Other than that, a commitment to diligently work with us to convert you from a home renter to a home buyer by the end of the lease term is the most important qualification.
We can help you to structure the perfect scenario to meet your needs. We’ll help you figure out what’s best for you.
So don’t wait! Get started now by filling out the form at the bottom of this page.
What are the requirements of a Lease Purchase arrangement?
We know that every person, family and situation is different.
We do our best to help you uncover creative solutions to help you own the home of your dreams.
Once you’ve had a chance to check out the house, you’ll fill out a lease application that will include detailed information on everyone living in the home.
We’ll conduct a credit check, criminal background, eviction report and verify the income(s) for everyone over 18 who is living in your household to confirm that you’ll be able to make your monthly payment.
People with bad credit, no credit, and other financial situations have all been able to lease then purchase their perfect piece of real estate.
We’ll speak with your references and previous landlords, because relationships matter to us more than just scores assigned by a computer.
We love helping great folks to reach their dreams, so don’t be afraid – fill out the form below to get started!