A lease purchase is a non traditional way of buying a home which is sort-of stretched out over a period of years. The great thing is, you actually start living in the home before you take ownership of the home. During the lease period, you get to enjoy the use of the property for just a down payment + an affordable monthly payment. (It should go without saying that we can only approve you for a house that you can comfortably afford.)
You lease the house and move in now… and the lease purchase contract also gives you the option to buy, any time during the lease period… anytime you can put traditional financing (a 30 year mortgage) in place, you can become the owner of the home.
Note: you have the option but not the obligation to take ownership. It’s really up to you.
Advantages for you
While you’re living in the house, expecting to buy it in the future, you can choose your own paint colors, plant a garden, install carpet or remove the carpet, etc.
Again, a lease purchase is a form of a purchase. It’s just stretched out over a period of years, but you get to move in right away. This gives you plenty of breathing room (time) in order to get your credit improved… we can put you in touch with credit repair specialists. And of course, a history of paying your bills on time will naturally increase your credit score.