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Lease to Own

What is it?

A lease with the right to purchase is also a lease agreement along with a purchase agreement that give you the right to purchase the property you are leasing, only if you want. This options allows you to exercise your right to purchase within 1-5 years of your first lease agreement as well. With this program you also earn equity by having  a percentage of your rent payments deducted from the purchase price.  You also have the option of locking in the rate  that was acquired when the homes was purchased. 

Basic Qualifications

  • 580 credit Score
  • $4,000 2 month reserves
  • 2 year favorable rental/payment history
  • Minimum $3,600 monthly income 
  • 1% earnest deposit + additional fees to close*

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Who's it good for?

 
Good for those seeking a 2nd home, multi-family or investment property. Has good income and reserves with a goal of financing in 24 months. Prefers new construction homes or newly remodeled property has cash on hand ready to move in within 45 days of selecting the home. 

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Types of qualified homes

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Start the process

You will be asked to submit proof of your 580 credit score (a screenshot will suffice). There is no application fee!  Please be sure to make note of your ID Number as we will need to reference this in order to assist you with this process. 

How does it compare...

Lease with right to purchase

Lease Term 1-5 years


Monthly Payments Small increases each year that you continue to lease


Rent Payment Credits No 


Approved Homes Any approved location Resale homes or New Construction Less than 1 acre (other restrictions apply)


Type of Property Single Family, Townhomes

(other restrictions apply)

Lease to Own

 Lease Term 2-5 years


Monthly Payments Only increases with taxes and HOA increases


Rent Payment Credits Yes* (other terms apply)


Approved Homes Within 50 miles of Phoenix Metro New Construction Preferred  Updated within past 10 years (other restrictions apply) 


Type of Property Multi-Family, Single Family, Condos, Townhomes

Qualifications

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Lease with right to purchase


WHO'S IT GOOD FOR...


Good for those seeking a single family home. Interested in repairing credit and/or finances to buy preferably within the first year of leasing or; Long term tenant who wants to have the option to buy. Resale or new construction homes to be moved in within 45-90 days of selecting the home.




  • Credit Score 550 with Transunion 
  • Min Income Requirements $50,000 Annual 
  • Positive Rental/Payment History 1 year 
  •  Evictions: 3+ years old 
  • Bankruptcy Chapter 7 must be discharged other chapters OK
  •  Cash on Hand 1.5xs the rent upon home selection 







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Lease to Own


WHO'S IT GOOD FOR... 


Good for those seeking a 2nd home, multi-family or investment property. Has good income and reserves with a goal of financing in 24 months. Prefers new construction homes or newly remodeled property has cash on hand ready to move in within 45 days of selecting the home.  



 

  • Credit Score 580 FICO score 
  • Min Income Requirements $3,600 per month
  • Positive Rental History 24 months 
  • Bankruptcy OK, with approval
  • Cash on Hand Must have $4,000 in reserves over the past 2 mos Required to provide 1% earnest deposit, inspection fee and additional costs in order to close*







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