Also known as a “lease to own”, “rent to own”, or “lease purchase option”, a lease option is an arrangement where you rent a house and pay upfront ‘option consideration’ to have the exclusive right to purchase it at a later date.  A lease option allows you to ‘try before you buy’, and gives you time to build a down payment, improve your credit, and ease into home ownership

How do I qualify?

In order to qualify for one of our houses, you will need to be able to afford a reasonable down payment, have the ability to make monthly payments on time, and have a willingness to improve your credit situation so you can ultimately buy the home.  That’s about it.  We want to set you up for success in a home that is truly affordable, so we will want to see that your gross monthly income is at least three times the monthly payment amount.

What if I have bad credit?

Don’t let your prior credit dings keep you from moving into the home of your dreams now.  If you have bad credit, all that we ask is that you have a willingness to improve your credit score so you can qualify for a loan at the end of the lease period.  We have several resources to help you achieve this goal.

What if I don’t have the required option consideration (down payment)?

First of all, we’re dropping the upfront option payment down to $4000 (which applies towards the purchase), so we’ve made it a little easier to afford, AND we’re going to have a really nice giveaway for those who can act fast and reserve this home on our lease option program.

Those of you who know me know that I’m a big fan of Apple products, and I’ve been drooling over their new iPad that is coming out this Saturday.  I think it’s such a cool thing that I’m going to be giving one away to a lucky individual or family who signs a lease to own agreement on this home during the next 15 days.  (just in case you’ve been living in a hole for the last several months, go to http://www.apple.com/ipad to see exactly what this thing is)

Sure, it’s a shameless bribe, but I also need an excuse to head to the Apple store to put my hands on it.  Oh, and if you want more information on the house, including the video tour, just go to the link below.

http://www.wahomesolutions.com/3946Fischer

The offer will end on April 14th, so if you’re interested in the home, let me know right away.  Just in case you’re wondering, you won’t have to MOVE into the home by that date, just sign paperwork and put down deposit.

Talk to you soon,

Mike Sumsky

There’s no limit to the amount of free rent that you can get, and we can give you tips on how to locate new tenant-buyers for our lease to own program.  Just think about what you can do with the extra money.  Save it, pay down debt, or take a much needed vacation, it’s your choice.

For more information, visit our website at http://www.wahomesolutions.com.

Do I have a STRONG DESIRE to WORK on becoming a homeowner?

Cleaning up credit dings, or saving up for a down payment is hard work, make no mistake about it.  You have to be so fed up with renting that you’re willing to work on the things that are preventing you from getting a loan.  It will require sacrifice to stick to a budget, pay down debt and build up a savings.  You may have to revisit some credit demons of the past to clear them from your credit report, and you may have to work some overtime or get a second job to make it happen.  There are ways that we can help with this, but it takes commitment.

Can you show income that is 3x the monthly payment amount?

As a rule of thumb, most lenders will want to see that your gross income is at least 3x what the monthly payment on the house is.  Also, they want to see a track record of you making the payment on-time during your lease.  So, we need to follow the same guideline for the lease option.  You may be able to afford the $1200/mo payment on an income of $2600/mo, but a lender would only qualify you for about an $866/mo payment in the future when you go to get a loan.  That would be an unpleasant surprise and we don’t want to see that happen.  Our entire goal is to set you up for success, plus, having the extra income is what you’ll need to pay down extra debt and save up additional money for a down payment.  The average monthly payment on most of our lease option homes is between $1000-1500/mo.  Therefore a total gross household income (before taxes) of $3000/mo or more puts you in good position to qualify for our program.

Do you have money available for to pay the upfront option consideration?

To ultimately qualify for an FHA loan, you’ll have to accumulate a 3.5% down payment on the house.  We want  you to get started with about 1 or 2% upfront when you start the lease and we help you to accumulate the rest through the monthly purchase credits that we offer.  With our ’sweat equity’ homes, you can expect the lower end of that range, and on the move-in ready homes, expect the higher end of that range.  If you don’t have money for an upfront payment, start saving now.  We even give you the ability to earn cash (up to $2500) by referring buyers to the properties that we advertise, so you can save up even faster.

Have you started the process towards building good credit history?

Credit is one of those things that can be hurt in an instant, and can take months (or years) to clean up.  Having derogatory marks on your credit does not disqualify you from a lease option (that’s what lease options are for), but we would like to see that you’ve already started to show a recent history of turning things around.  In other words, if you are currently 30,60 or 90 days late with any of your debts, we’d want to see you catch up the payments on those obligations and start making on-time payments again before asking you to put down money on one of our homes.  If you haven’t had your credit pulled in a while, I’m in the process of creating a video that I’ll post which will show you had to pull your own free report online without having to sign up for a paid credit monitoring service, and without the inquiry showing up on your credit history.  Stay tuned.

So, what happens if you’ve gone through the questions and you’re not quite ready?  That’s ok, there’s not a big rush.  Just make the commitment to yourself that you’ll start chipping away at the challenges that you have and by all means, let me know if you need some guidance on where to start.  That’s what I’m here for.  Also, keep an eye on this blog and our Facebook fan page for tips on preparing for home ownership.

If you’re ready to go right now then let’s make it happen.  You can see our current homes available on lease option at our website or tell us what you want if you haven’t already done so.   If you have any other questions or comments about qualifying for a lease option, feel free to submit a comment below.

Mike

P.S. – I have lots of big things in store for you in the future, so to stay in touch, make sure you add us to Facebook (scroll up and check the sidebar on the right).

The problem is that most of these homes require a cash buyer or someone who is well-qualified for a loan, which means that if you have some credit dings, you’re out of luck in taking advantage of the incredible opportunity now….which brings me to my thought.

I’m interested in working with a few people who would like to do a ‘lease to own’ on homes that we buy cheap from the banks.  Most of them will require some fixup (anything from carpet and paint, to a complete remodel), but you’d benefit by getting a great price.

What I’d like to know is, would you be interested in leasing to own a house that you can put in some ’sweat equity’?   I’d still need a small down payment, but it would be much less than we normally charge.

If you’re interested, Fill Out Our Form and tell us what kind of property you’re looking for.  In the last comment box, mention that you’re “Interested in a Bank-Owned Lease Option Home”.  Also, let me know what type of fixup work you’re willing to do, for instance:

- just cosmetic fixup (carpet/paint/cleaning)
- intermediate fixup (kitchen/bath remodeling)
- advanced fixup (roof replacement/structural/electrical work etc)

I’m trying to gauge interest, and I can only have the ability to work with a few people, so if you think this might be something you’d like to do,  Fill Out Our Form

There have been several custom additions including a 3-stall detached carport, storage shed as well as a covered hot tub to relax.

Here’s a home with incentives just in time for the holidays, lower price, lower monthly payment, bigger purchase credit and we will even help with the cost of the move and allow you to spend the holidays in the home RENT FREE!!

To qualify, you need;

$5,000 down payment
$1395/mo payments ($300/mo,the portion each month’s $1395 payment that’s applied to the purchase)
$249,950 purchase price at end of lease option term.

Click the video below to see the video tour, or go to:
http://www.wahomesolutions.com/9356Ramiller

If you are interested in this property give us a call at 360-874-1560

Looking for a Port Orchard lease option? Here’s your chance to move into this beautiful 3 bed, 2 bath 1750 sq. ft. home on over 1/2 acre. Don’t let less than perfect credit or the lack of a large down payment keep you from living in a home of your own.

With a reasonable down payment and monthly payments of just $1497, this home is yours. Purchase price on a 12-24 month lease option is just $283,000.

7795 Cabrini Dr. SE
Port Orchard, WA 98367

That’s exactly what you can do when you move into one of our lease to own properties. We’re so confident that you’ll love our lease to own program, we know that you’ll have friends, family and co-workers that you’ll want to refer.

If someone you refer moves into one of our properties, you can get the next months rent for FREE!

Think about how nice it will feel to be able to skip a payment. You can use that money for whatever you want. Put it into savings, pay off debt, take that long awaited vacation, or just spend it on whatever you want, it’s your choice!

The best part is that you can get free rent as many times as you want. We can even give you tools to help you find other tenant-buyers for us.

Like I said, I haven’t fallen off my rocker because we benefit as well. It’s a win-win solution and another reason that Washington Home Solutions has the best lease to own program in the area.

Anyone looking for a completely remodeled rambler on a large lot in Gig Harbor? This is your house. It’s on a quiet cul-de-sac yet only a two minute drive to Highway 16.

Interested?? Great!

I’ve made a video (below) that gives you a complete walkthrough.

We have the best lease to own program in the Puget Sound, and this home is protected by our NEVER LOSE GUARANTEE which gives you 100% of any future appreciation but protects you from loss if the market drops before you buy.

6101 44th Ave NW
Gig Harbor, WA 98335

3 Bed + Bonus Room
2 Full Baths

The house is on 0.60 acres and has about 1600 sq. ft. of living space.

We’re asking for $5000 down and a monthly payment of $1597. If you have more to put down, you can lower your monthly payment. All down payment monies and a portion of each monthly payment goes towards the option to buy.

We can also finance your down payment if you’re a little short. Buy it in 12 months for $259,000.

If you like the video tour or have someone to refer, contact mike@wahomesolutions.com to reserve this opportunity.