Lease Option To
Buy Home Programs
Popular With Bad Credit Home Buyers
Lease options to buy home programs are becoming increasing popular with
those that have bad credit problems and can not normally qualify for a home
mortgage loan, according to Jaime Polanco, real estate investor and
President of AmeriVision Mortgage Corporation.
"Many potential home owners believe that buying a home will overcome or fix
a bad credit situation! They go from mortgage broker to mortgage broker
looking for a loan that does not exist, rather than try and remedy the
problem.�
"To qualify for a home mortgage loan the bad credit situation has to be
fixed first, and not the other way around. Lease option to buy home programs
provide that solution.�
"People who have benefited from a lease option to buy home program
include those that are recently divorced, suffered bankruptcy, or
where FICO credit scores are simply too low.�
"Lease option to buy home programs, also know as rent to own
programs, are unlike regular mortgages because the applicant does
not have to qualify for a loan.�
"The initial focus is on the ability to make monthly lease payments. As
most are making rental payments anyway, this is not much of an issue. The
second focus is on their future potential for purchasing the home.�
"Bad credit issues can be worked on, while living in the new home. Over
time, most credit issues can be corrected.�
"Lease option to buy home programs make ideal alternatives for the
self-employed, compared to traditional means of home ownership.�
"The original agreement for a lease option to buy home program states the
purchase price the day the tenant moves in, and doesn't change. Any increase
in the value of the home belongs to the tenant when the loan is closed.�
"Typically, with a lease option monthly payments are less than it would
cost to own the same home. These monthly savings can be put away, and used
to increase the down payment at the time of actual purchase."
"Depending on the situation, a tenant can occupy the new home in just a few
days or a move-in date can be scheduled around any current living
situations.�
A minimal down payment is required, or down payment assistance is available
if needed. The down payment, and a monthly rent credit, will be deducted
from the purchase price of the new home, reducing the amount of money needed
at closing.�
"Lease option to buy home programs help tenants by improving their FICO
score and they can look forward to home ownership in a relatively short
period of time,� concludes Polanco.
About The Author
Jaime Polanco is a real estate investor and President of AmeriVision
Mortgage Corporation, a nationwide mortgage company based in Southern
California.
Lease to buy real estate is available in all states. For more information on
lease to buy home programs please call 858-272-5510
|
|
|
Direct
Office:
|
 |
858-272-5510
|
|
|
|
Gar C. May, Real Estate Broker
cadre#479003
|
|
1357 Hornblend St. San Diego, Ca 92109 |
|
|
|
|
|
Copyright © 2005
- 2018 Lease Purchase Solutions, Ltd., All Rights Reserved
|
|