Lease To Own Programs- Does anyone have a good website that thoroughly explains this program?

Question

Lease To Own Programs- Does anyone have a good website that thoroughly explains this program?

Answer 1

Check the website below. It is straight forward and easy to read

Answer 2

not that I know of but it works basicly like this

There is a rental agreement set up with a portion of the rental monthly going towards the donpayment. Some times it contains provisions for closing cost as well as prepaid expenses. Most people enter these with less than perfect credit and need time to clear their credit files of some past deeds thathave them at a low score. Most doe this with the understanding that they can refinace the home within a time frame set forth in the note. They should always pay on time and by CHECK ONLY. they will need a paper trail when trying to obtain bank finanacing in the alotted time frame. The seller maintaines the property as it is still a lease. But if under a land contract or a contract for deed then thebuyer will normaly take over any and all maintenince of the home. The buyer before entering this type of deel needs to #1 get it inspected by a qualified building expert and a pest control company and they pay the bill. Also the buyer needs to know that if the seller has a mortgage or is other wise sued for default or even an accident that it could affect their vesting rights down the road so time is of the essence to get out of this as soon as possible since a foreclosure on the owner is an eviction waiting to happen. I actualy had a client that this has happened to in the last 4 months and they could not get financing by a bank because they had no credit and their alternative trade lines like utility bills payment history was poor at best.

I am a mortgage banker in TN & KY