Glendora, California

As the Real Estate Market gets increasingly tough for buyers and sellers, there are ways to help both accomplish their goals. Lease to Buy Options are becoming more and more of a mortgage rescue for the seller that also accomplishes the dream of home ownership for first time buyers.

Here is how it works. Sellers want to sell and buyers want to buy, right? The problem is that banks are not willing to lend the money for a home loan unless you jump through hoops and prove you have perfect credit and employment history. The problem with that is, not everyone is or has always been perfect, especially with this job market.

So the sellers, to get out from under the payment, find someone (potential buyer) to lease the home for a period of time. The agreement is that the potential buyer will purchase the home at the end of that period, usually 1 or 2 years. The reason for this is that credit will be a little looser then and give the potential buyer time to get their credit and employment in order. At the same time, even though they are leasing, the potential buyer feels a sense of home ownership and can take pride in doing home improvements to better the property. After all, this is the house they are trying to buy.

Part of the lease payment to the seller goes towards a downpayment that will be papertrailed to show the lender when the time comes. Oh yes, and the seller…keeps the tax write off until the transaction is complete and has nothing to lose, they have the mortgage payment covered by the lease.

Leasing Home Until Mortgage Is Available, Usually A 1 or 2 Year Period

Please feel free to contact us anytime at rentmymortgage.com