What is Lease With Option to Buy?
If you are unable to obtain a loan but have money for a down payment, you may want to consider leasing a home with option to buy.
An "Option to Buy” is like reserving your home. You can move in now, repair your credit while you are living in the home, and buy in the future.
* You can purchase an option to buy at the time you complete your rental agreement.
* Option to buy fee is $3000.00. Once you obtain financing, the fee is credited toward the purchase price of the home.
* Once you purchase the option to buy, your purchase price is locked in for one year and your option is also renewable.
* At any time during your lease, you may obtain your loan through the financial institution of your choice and any type of loan you choose.
* When you make your payments on time each month, you are rebuilding
your credit.
* You may select a home that First American has available or we can purchase a home that suits your needs and we will lease it to you with option to buy! (Option fee may be increased if First American purchases home)
Please Note:
* With the Rent with Option to Buy Program, you are buying an "Option to Buy" on a house.
* Your Option to buy fee provides you the benefits listed above.
* At the time you exercise your Option to Buy and actually purchase your home, your fee will be credited toward the purchase price.