Rent-To-Own
As low as 550 Credit Score
More Flexible Income Docs
Only need move-in costs to close
Single Family Condo OK
Lease-To-Own Program Benefits:
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Rate locked in on a 30-year mortgage at the time of lease
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Assumable mortgage opotion at the end of the lease period
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Protects you from being priced out of purchasing
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You build equity before purchasing the home
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Equity is applied toward the purchase of the home
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No income or asset seasoning is required
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You can always purchase the home when you are ready
Minimum Requirements:
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Credit score of 580+ (Equifax) down to 550 with a clean application
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Self employment requires a score of 580
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No minimum reserves but must document move-in cost funds
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No active bankruptcy, foreclosure, or short sale
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On time housing payment history for the last 24 months
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Pre-purchase counseling before you move in
Income Documentation:
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Paid by W2? -- Most recent W2 plus 60 days of most recent, consecutive paystubs
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Self Employed/1099? -- Most recent tax returns, year-to-date profit & loss,
2 months business bank statements verifying cashflow and copy of business license -
New employment or raise? -- Letter confirming start date and one paystub
Cash Needed to Move In:
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NO down payment required!
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1% of purchase price inception fee
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$1,295 Underwriting and Program Fee (You get a $400 credit by working with me!
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Up to 3% of closing costs (can be covered by seller concession or finance up to 2%!)
Exceptions/Accomodations:
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Have student loans on deferment? If so, these are not included in total debt ratio!
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Collections/Judgments are amortized over 36 months for easier approval
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Tax Liens are amortized over 36 months or if making payments, included in debt ratio.
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Charge-offs are not included