Lease-to-Own and Rent-To-Buy-Home program. This is a great Home Buying program for All Florida Middle Income Home Buyers!
Updated June 14, 2024If You're frustrated by not getting your Offers accepted, try this program. It puts your offer at the front of the line and You're only committed to 1-Year increments of renting! Buy the Home if you want or don't, You can take up to 5-Years to decide!
Program Features:- This is a very simple and fair process or we wouldn't do it. There are no gotcha's to this particular rent to own home program.
- When you Lease with an Option to Buy a home using this program, you can expect it to be a very Tenant friendly proposition and happy outcome.
- Whether you say the words Rent to Own, Rent with Option to Buy, Lease to Own or Lease with Option to Buy, for this presentation, all these phrases mean the same thing and that is you have total flexibility to either Rent or Buy the house whenever you want! Just give the Investor over 60 days notice and do whatever you want. Either buy the property, continue to Rent the property or leave the property and move somewhere else. Its just that simple and you don't get caught having to make a choice like some other programs require. Such as having little choice to either buy a property OR losing a big security deposit just because you didn't want to exercise the Option to Buy.
- Using this Buyer centric program, you have a Renters flexibility and an Investors advantage of locking in a purchase price, no matter if appraises much higher if / when you decide to exercise your Option to Buy component in the Lease to Own Agreement.
- When you rent to buy the home, that house is listed in our local MLS, as an "Active" Listed Home for Sale. You pick the house in an approved subdivision
- The subdivision must be in the upper 50% rating of school county districts and the Investor checks to make sure crime isn't an issue in the area.
- When you and our Agent find the home you want, our Agent provides Comparable MLS Listings, analyzes the asking price of the property and sends the Investor our findings. If they are comfortable with the location and condition of the property, they send send us the terms.
- After you and the Investor have agreed upon rent and purchase price, the Investor purchases the home.
- You secure the home with the equivalent of two months rent. That is NOT first and last months rent, its a two month security deposit.
- A Licensed Home Inspector goes to the property and thoroughly inspects the house, pool, inside, outside, plumbing, electrical, appliances, roof, siding etc...
- We work out the details just like if you were purchasing the property.
- Our Institutional Investor purchases the home through us.
- If necessary, you can build your FICO credit scores over the next 12-24 months to prepare to be mortgage ready, or if you're just moving into the area and aren't sure where you want to live, but don't want to live in an apartment.
- Now you have a choice and you don't have to rush because you have stopped time and you're the only one who can buy this property because you hold the Option to Buy the property the day you and our Investor purchased it for you. You have effectively locked in the purchase price for each of the next 5-years if you want to rent it for the the next 1,2,3 ,4 or 5 years. You're in the drivers seat on this deal!
- You don't have to fight multiple offers anymore because our Investor paid CASH for your house and you can use an FHA, VA,USDA or Conventional mortgage to buy the property. Unlike in today's supercharged "Highest & Best" Multiple Offer scenario, the Investor doesn't care which type mortgage you use. That's your business not theirs!
- You can later buy the home using one of the Down Payment Assistance programs that we offer in the next 12 months to 60 months.
- OR you can just rent the house for at least 12 months. Your decision, no one else's.
- Credit scores, FHA and Conventional guidelines may allow you to qualify for either an FHA or Conventional Mortgage using the 0% Down Payment option and use your two months Security Deposit for Closing Costs.
- New Homes may possibly be eligible depending on the Builders willingness to accept the State of Florida standard Real Estate Contract.
- Minimum Lease-to-Own middle FICO 5-4-2 Score at the beginning of the process is 620 middle FICO 5-4-2 in Orlando and 600 middle all other areas served.
- Debt to Income ratio maximum is 45% for total household income.
- Minimum Household verifiable income is $60,000 per year.
- In today's market, 1st Time Home Buyers are at a major disadvantage because of their lack of cash. This Lease with Option to Buy program, allows FHA Buyers and most Conventional Buyers the ability to Rent to Own Homes as an actual Home purchase real solution!
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- Hometown Choice Conventional Special Mortgage Financing for First Time Home Buyers
- First Time Homebuyer 100% Special Financing with No Mortgage Insurance
- First Time Home Buyer Special Financing matching Grant Loan by FHLB
- $10,000 Down Payment Assistance for First Time Home buyers!
- USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!
- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
- 2023-Florida Hometown Heroes Housing Program for State of Florida.
- 1st Time Home Buyer 3%-5% Grant for Down Payment Assistance
- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
- Lease-to-Own and Rent-To-Buy-Home program. This is a great Home Buying program for All Florida Middle Income Home Buyers!
- First Time Home Buyer 105% Special Financing with No Income Limit
- Manatee $15,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
- Bank Statement loans for the Self Employed up to $3M!
- OWN A HOME Down Payment Assistance Grant
- Miami-Dade 1st Time Home Buyers Down Payment Assistance program
- Opportunity Advantage Loan Fund
- Home Sweet Home 1st Time Home Buyer program for Hillsborough, Clay, Brevard and Duval counties with up to $25,000 Down Payment Assistance.
- 1st Time Home Home Buyer, $10,000 Down Payment Assistance program
- First Time Home Buyer 3.5% Grant for FHA Down Payment Assistance
- First Time Home Buyer up to $30,000 deferred Down Payment Assistance!
- Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
- Investor Real Estate Loans for Rental Property purchase!