I’ve heard of Rent to Own and Lease Purchase, what is the difference?
A.) Really there is no difference. You will be signing a lease and a purchase contract with both and the terms are the same with both. Lease Purchase is just another way of saying Rent to Own. Q.) What is a lease Option? A.) Some property managers will lease their property and let you buy an option to purchase the property at the end of the lease period. At the end of the lease period you can elect to exercise the option and purchase the property. Q.) My credit is damaged and I can’t get a loan. What can I do to buy my own house? A.) You are an ideal candidate for a rent to own/lease purchase program. Most property managers will give you contacts for a mortgage broker or two that will work with you to mend your credit problems during your lease period. They can tell you upfront how long it will take you to mend your credit and then you and the property manager can structure the term of the lease around that time frame so you have enough time to get your credit where it needs to be. All
