|
Towne & Country Homes
Lease Purchase Program
Lease Purchase Application
The Features & Benefits for the Tenant/Buyer of the Lease Purchase Program
A Lease Purchase assists homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.
Faster Equity Growth: Equity accumulates much faster (five times or more!) than with conventional financing through a bank or lender.
Rent Money is Working Toward the Purchase of the Home: Every month a portion of your rent payment (typically $100-$500, depending on the home) is credited towards your down payment or off of the sales price.
Option Consideration is Credited Towards the Purchase of the Home: When you sign a Lease Purchase contract, you will pay the seller an option deposit. This money is your vested interest in the home and will be fully (100%) credited to you when you buy the home.
Minimum Cash Out of Pocket: When you purchase a home conventionally, you must pay at least 5% down plus closing costs and prepaids. When you buy with a Lease 2 Purchase, you only pay first month's rent and a small option deposit. This will save you between 25% and 85% every time you buy a home.
Frequently No Down Payment at Closing: Since you have given the seller an option deposit and you have been receiving monthly rent credits, there will frequently be very little or nothing left to pay for a down payment at closing.
Profits from Appreciation: Since the sales price is locked in before closing (as specified in your agreement), any increase in property value will mean that your equity (what you owe minus what it's worth) is increasing in the home.
Credit Problems are Okay: Qualification restrictions simply do not exist. You will be approved at the sole discretion of the seller.
No Lengthy Escrows or Mortgage Approvals: Your approval will be based solely at the discretion of the seller instead of a lender who can take up to a month (or longer) to render a decision.
Control of the Home: You will be put in full legal control of the home for a specified period of time without actually having to own it.
No Taxes, Less Liability: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced. 
Quick Move In Time: You can typically take possession of the home in less than one week instead of conventional move in times of one to three months after your offer was accepted.
Maximum Leverage: You are spending very little (or no) money to control a very expensive, and very profitable, piece of real estate.
Time: Before you actually buy the home, you will have 6-24 months (depending on your agreement) to repair your credit, find the best interest rates, investigate the home and research the neighborhood and/or schools.
Privacy: Your name will not be on the deed until you exercise your option to buy.
Peace of Mind: You will have full control of the home and can maintain it or improve it however you wish.
Lease Purchase Application
Please click the link above to down load an application. Print application and fax to 770-682-0313.
|
