Note: All homes displayed in this section have been identified as being in areas that qualify for the Lease Purchase Program. The information on available homes is for informational purposes only and cannot be guaranteed. Additional verification of program eligibility may be necessary.
How It Works
Fill Out The Application
Read the minimum qualifications to see if you are eligible. If you are, complete the lease-purchase option which best suits your requirements.
Get Financing
Next you will be contacted by one of our investors who will pre-qualify you for the lease purchase program that best fits your needs.
Match With An Investor
Within a couple of days of completing your application, your investor will let you know your approved price range and monthly rental budget.
Review Your Options
Next, one of our agents will show you eligible homes for lease purchase that fits your budget. Your monthly rental payment will be determined by many factors such as home price, property tax, HOA, and the estimated market rent for other homes in the area.
Another factor that could be added to your rental payment is an amount that could go towards your down payment when buying the home.
Sign The Lease!
Once you have found your home, your investor will buy your home for cash and immediately lease it back to you.
Because there is no mortgage contingency, many times our investor partners will negotiate a very good discount price which will be passed on to you when you are ready to buy your home from our investor partner.
Most of our investors will allow you to lease your home between 3 months and 5 years before requiring you to buy the home from the investor. However, you are not required to purchase the home you are leasing if you later decide NOT to buy.
Investor Option #1
- 550 Minimum Credit Score (can use a co-applicant score)
- $5,000 Minimum Monthly Income (can include a co-applicant)
- Upfront fees: 1% -2% of the purchase price, depending on your credit (applied to your purchase price when you later buy your home)
- This option's rent would be more than Option #2 because 25% of your rent would be credited back to you at the time you buy your home
Investor Option #2
- 580 Minimum Credit Score (can use a co-applicant score)
- $5,000 Minimum Monthly Income (can include co-applicant)
- Upfront fees: 2 months deposit (refundable if all lease terms are met)
- Option #2 rent would be less than Option #1 because no rent is credited back to you at the time you buy your home. You would need to be saving for your down payment during the time you are renting your home.
There is a $75 application fee for this option. However, we are offering 50% off your application fee if you use this promotion code when asked: VPR0822
The lease-purchase option is a fantastic way to go if you received a loan denial letter in the past and are now working on overcoming your loan qualifying issues. It's also great if you just want to try out a home or neighborhood first before buying.