A lease-option is an agreement between a buyer and a seller that allows the buyer to lock in the purchase price and buy the property in the future at the agreed price.  You also earn equity each month, simply by paying rent. There is no bank qualifying required to get into the home. You pay a minimal down payment.You get the benefit of living in the home and neighborhood before you commit to buying.

Steps to the Lease Option Program

1) Begin qualification process below.

2) Agree with the seller on a purchase price.

3) Agree on the term of the lease. This will be the maximum length of time you have to exercise your option to buy.

4) Agree on the value for your monthly lease and the amount per month to be applied toward the purchase of the home.
5) Agree upon terms regarding the exercise of the option, such as obtaining financing within 24 months.

6) Determine who will pay for inspections, work and warranties when the time comes to complete the purchase.

7) Complete a lease-option agreement form. Handle the transaction as a lease until you are ready to obtain financing to purchase the home.

8) Purchase your own home.