This is a great home. It’s only two years old and sits right across the street from Trails End Lake. If you like boating, fishing or just relaxing on the water, this is the place for you. Also is on 1/2 acre and backs up to city property so you’ll never have to worry about neighbors moving in behind you. Check it out!
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)?
How long do I have to buy the house?
Our lease option timeframes are generally for 12 – 36 months. We’ll want to match the house to your credit situation so you have plenty of time to get financing.
What if the property value goes down while I’m leasing the house?
No need to worry about declining real estate prices because you’re covered by the Washington Home Solutions “Never Lose Guarantee”. When you’re ready to purchase, if the house doesn’t appraise for as much, or more than the purchase price that is agreed upon when you begin your lease, we’ll either extend your lease for free, and you get to keep the same low monthly payment, or we’ll sell it to you at the new appraised value.
What happens if I decide not to buy?
If you decide not to buy the house, you are released from all obligations without additional cost. Your upfront option consideration is forfeited.
Will you check my credit?
We accept all kinds of credit situations, from good to ugly. We would like to see a copy of your credit report before you move in, but mainly because we want to see what items that you’ll need to work on during your lease. There may derogatory items on your credit that shouldn’t be there and knowing this in advance gives plenty of time to clear them up. You can even pull a report yourself from one of the many credit reporting websites, and this will not show up as an inquiry on your credit.
Will you give me a loan if I can’t qualify through the bank?
If you can build up your down payment to 8% or more, we will offer guaranteed owner financing.
I found a house I like on this website, how do I apply?
You can download an application, fill it out and send to us through either fax or e-mail. Our houses sell fast, so in order to have a faster response, you can call our office at 360-874-1560 and let us know that you are applying for one of our homes.
Once we receive your application, it usually takes us no more than 24-48 hours to process.
What do I do if I want a lease option, but I don’t see a house on the website that suits me?
So what the heck does a free iPad and one of our lease to own homes have in common? I’ll let you know in just a second, but it has to do with our 3 bedroom 2.5 bath tri-level home in Bremerton that we’re offering for lease to own.
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
I get asked on a regular basis what it takes to qualify for a lease option. I know for many of you, the thought of throwing away money towards rent and abiding by the ‘rules’ of your landlord is painful. ”Don’t paint the walls or have a bbq grill on your porch!” So I’m sure you’re anxious to take the next step towards home ownership and are interested in jumping into a lease to own. Great, I want to help you get there, but first I want you to ask yourself a few questions to see if you’re ready.
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).
SOLD!!
in a cul-This basement rambler has nearly 3000 total sq. ft. and sits de-sac of a great neighborhood in Fircrest. It has 4 bedrooms, 2.5 baths, a two car attached garage on the main floor, plus a BONUS one-car attached garage and workshop on the lower level with private driveway access from the back of the property. You have to see the video tour on this one!
To qualify, you need;
$7500 down (100% of down payment is applied to purchase)
$1750/mo payments.
$329,000 purchase price at end of lease option term
If interested in this home contact Mike at 206-947-6453
SOLD
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
