How Does A Lease To Purchase Home Agreement Work?
The rent to own process is actually pretty simple.
- Join our property list and tell us what type of home you’re looking for, your budget, etc (START with the form to the right)
- We’ll send you local Phoenix rent to own / lease option homes that fit your criteria.
- If interested in a particular home, we can schedule a time for viewing.
- If you like the home and want to apply, we’ll send you our “Your Next Step” application to fill out. Don’t worry – we help people with all kinds of credit and financial situations, and if you can afford the property, we can probably help you to own it.
- After we’ve received your application, we’ll call you to review your application and schedule an in-person meeting to go over your plan for purchase and down payment.
- Once you are approved, we’ll collect a binder deposit. Typically around $2000(up to $4000 for larger homes) and schedule a closing with our attorney.
- Once you have signed the agreement with our attorney and provided your down payment you are ready to Move in.
How Long Are Rent To Own / Lease Option Terms?
Your lease/purchase agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property – typically 3 years, but in certain circumstances we may extend your option if you need more time to get your credit or downpayment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!