known as a "lease to own", "rent to own", or "lease purchase option",
a lease option is an arrangement where you rent a house and pay
upfront 'option consideration' to have the exclusive right to purchase
it at a later date. A lease option allows you to 'try before you
buy', and gives you time to build a down payment, improve your credit,
and ease into home ownership.
order to qualify for one of our houses, you will need to be able
to afford a reasonable down payment, have the ability to make monthly
payments on time, and have a willingness to improve your credit
situation so you can ultimately buy the home. That's about it. We
want to set you up for success in a home that is truly affordable,
so we will want to see that your gross monthly income is at least
three times the monthly payment amount.
let your prior credit dings keep you from moving into the home of
your dreams now. If you have bad credit, all that we ask is that
you have a willingness to improve your credit score so you can qualify
for a loan at the end of the lease period. We have several resources
to help you achieve this goal.
If you don't have the entire option consideration saved up, you
have a few options: Upfront option consideration can be borrowed,
so find out if friends or family members are willing to help you
out. In certain situations, we may be willing to split your option
consideration into two or three separate payments. We also accept
items in trade if you are a little short so if you have an extra
vehicle, boat, ATV or something else of value, let us know. Finally,
we may be willing to trade work for equity if you're interested
in doing some fix-up prior to move in.
Our lease option timeframes are generally for 12 - 36 months. We'll
want to match the house to your credit situation so you have plenty
of time to get financing.
need to worry about declining real estate prices because you're
covered by the Washington Home Solutions "Never Lose Guarantee".
When you're ready to purchase, if the house doesn't appraise for
as much, or more than the purchase price that is agreed upon when
you begin your lease, we'll either extend your lease for free, and
you get to keep the same low monthly payment, or we'll sell it to
you at the new appraised value.
you decide not to buy the house, you are released from all obligations
without additional cost. Your upfront option consideration is forfeited.
We accept all kinds of credit situations, from good to ugly. We
would like to see a copy of your credit report before you move in,
but mainly because we want to see what items that you'll need to
work on during your lease. There may derogatory items on your credit
that shouldn't be there and knowing this in advance gives plenty
of time to clear them up. You can even pull a report yourself from
one of the many credit reporting websites, and this will not show
up as an inquiry on your credit.
you can build up your down payment to 8% or more, we will offer
guaranteed owner financing.
much are the payments? According to
Mortgage Calulator (how much are my payments) the payment
each month on this house with 3.5% down, credit score of at least
680, is a loan of $219,537.50 @ 5.00% interest = $1,286.86 then
private mortgage insurance on top of that of $91.47 a month =
$1,378.33 plus taxes and insurance of $240.00 a month is $1,526.86.
So the bank needs to see you can afford at least this payment
in order for you to get a bank loan later down the line. We
offer rates competitives with banks without all the junk fees,
actually no fees!Not only that, you can have a 500 credit score
and we can still offer you the same thing the banks are giving
you these days! Have more than the minimum to put down? We can
adjust our monthly payments accordingly even in a rent to own
situation! Our payments need to be close to what your mortgage
would be, they can be less or more, it all really depends on you!
If you love the place, we'll do absolutely everything we can to
get you into this or any of our homes!
much do I need to make to afford this home later?
Mortgage Calculater (How much can
an application, fill it out and send to us through either
fax or e-mail. Our houses sell fast, so in order to have a faster
response, you can call our office at 757-639-2347 and let us know
that you are applying for one of our homes.
Once we receive your application, it usually takes us no more than
24-48 hours to process.
If you don't see what you're looking for, be sure to fill our our
interest form so we can notify you when we get new properties.
If you have saved a sufficient down payment, there is a good chance
that we can find the perfect property for you.
up to be notified of our next available Rent to Own Property!
Rent to Own Report -- view online --