Below are the most frequency asked questions we get. If, after reading these you still have questions, please use the Contact Us form to ask us your own question. We would be happy to help!
So, How Does LeaseToOwn247.com Work?
You choose the home that is right for you, your family, and your life. You can do it using our search options via a map of the area where you want to live, or by criteria such as the school district, neighborhood or house features. What matters most is you get to choose a home and a community.
Once you have qualified for our program and have chosen your home, we will buy it for you and decide together what repairs or upgrades need to be made before you move in. You acquire the Right To Purchase Option to buy the home from us down the road.
Once we have bought the home of your choice, we lease it to you at a fixed monthly lease payment, giving you security and predictability. At any time after the first year of your lease (up to three years later), you can decide to buy your home.
We help you secure permanent financing while saving you thousands in closing costs using our mortgage partner.
Who Can Benefit From LeaseToOwn247.com?
We know how hard it is to get a loan, and too many who should qualify do not for a variety of factors. We started LeaseToOwn247.com to help people like you start on the road to home ownership today.
The heart of our program is finding the right people from all walks of life who are ready to make the commitment to homeownership, and we have programs in place to help you travel the road with us to achieve it.
Almost anyone can benefit, especially if any of the following describe you:
- You are a first time home-buyer.
- You are a renter looking for a smart alternative.
- You are thinking about buying but not sure you can sustain the financial commitment.
- You are self-employed or run a small business.
- You are relocating, including from overseas.
- You are a recent college or professional school graduate in a stable profession.
- You are an aspiring homeowner who is recovering from recent credit or other challenges.
- You need to save for an adequate sized down payment.
What Kind Of Home Can We Buy?
There are so many choices! Any home listed on a multiple listing service (MLS), available through private sale, foreclosure, or a short sale, can qualify. We even have some new home options with certain builders.
The requirements are as follows:
- The home must be your primary residence.
- The property must be purchased for a fair and reasonable price.
- The home must be in good physical condition.
What Happens If The House Needs Improvements Before or After We Move In?
Before you move in, we will agree upon the needed repairs and/or improvements and then LeaseToOwn247.com will pay for them. (Please note: This will increase the final purchase price in your Right To Purchase Option)
After you move in, if major improvements or capital repairs are required, (e.g., roofing or hot water heater), LeaseToOwn247.com will pay for them.
If you would like to make additional improvements to your home, you may do so once we all agree they will add long-term value to the property.
Who Gets Approved?
LeaseToOwn247.com was founded to help people from all different backgrounds and life experiences to secure pre-approval online in just minutes.
You do not have to meet stringent institutional lender guidelines and may qualify even if you have been denied for a mortgage, have recently moved or changed jobs, are self-employed, have irregular or undocumented income, suffered credit challenges due to temporary job loss, foreclosure, short sale, or even bankruptcy.
You must, however, be able to demonstrate that your credit problems were temporary, that your credit is improving, and that you have the ability to make the monthly lease payments required by LeaseToOwn247.com. Not everyone will be approved or qualify.
What Happens If My Pre-Qualification Application Is Denied?
If your pre-qualification application is denied, this means that there is an issue that prevents you from being approved to participate in the program. We will work with you to address these issues so that you can re-apply.
Can We Be Approved If... ?
Yes! Your ability to be approved for LeaseToOwn247.com depends on you meeting a minimum but flexible standard of credit, and even if you cannot qualify for a mortgage, you may still be approved for LeaseToOwn247.com.
If you aren’t sure whether you meet the requirements, fill out our pre-qualification form and find out today!
How Do I Know "How Much" I Am Approved To Start Looking For A Home?
A LeaseToOwn247.com Real Estate Professional will call to help you look for a home based on your financial qualifications. You can also call us anytime at (888) 364-1553!
How Much Cash Will I Need?
While the amount of money required up front depends on the price of the home and any improvements required, as a general rule, your up-front cash requirements should be 2.5% - 2.7% of the cost of the home and improvements.
Your Deposit is credited back to you if you exercise your Right To Purchase Option.
What Are My Financial Obligations?
As a participant in our LeaseToOwn247.com program, you are required to make regular monthly lease payments, carry liability insurance, pay for utilities, and maintain the home in good condition.
The total amount will depend on the cost and location of the home.
We will discuss this thoroughly with you during the approval and qualification process. LeaseToOwn247.com, not you, will be responsible for major capital repairs such as the roof or heating and air conditioning systems.
What Happens If I Need To Move or Do Not Want To Purchase The Home?
Your Right To Purchase does not have to be exercised in order to get back your Deposit. Simply give notice toward the end of any of the 1 year leases and you will be refunded 100% of your Deposit, subject to Property Condition.
How Do I Get More Information?