Most people in the market for a lease option home are
doing so because they need a little time to fix their credit.
Financing with a mortgage company is either not possible, or the
rates and terms are not favorable. Sellers with rent to own or
owner financed homes understand your situation and your
requirements. That is why they are marketing their homes as
available for rent to own or offering owner financing. Rent to
own landlords or owners offering owner financing will look at
your credit. They do not expect you to have good credit though.
They are looking to see how long it would take for you to have a
good enough credit score to obtain financing. If your score is
currently 510, and you want to get 100% financing, then
obviously you have quite a distance to go and it is better to
negotiate a two or three year lease rather than a one year
lease. A lease option gives you the time you need to turn around
your credit score, save for a larger down payment and to grow
equity in the property. This makes it a very profitable
investment for the tenant.
At Pecunia Investments we will work to
help you get your credit score back to a level that the banks
will then approve you for a mortgage. Even if you
declared bankruptcy, our 3 year lease option program can be
your vehicle to owning your home today!