WELCOME TO A NEW PATH TO HOMEOWNERSHIP- LEASE WITH A RIGHT TO PURCHASE PROGRAM
WELCOME TO A NEW PATH
TO HOMEOWNERSHIP- LEASE WITH A RIGHT TO PURCHASE PROGRAM
Lease it. Love it? Buy it
Are you close to being able to buy a home but aren’t quite ready? Did you just move to Colorado and aren’t sure where you want to live? Do you need to rent right now but really want to buy a home in a couple years? The Lease with a Right to Purchase Program may be right for you
HOW THE PROGRAM WORKS
We have partnered with a private equity investor that purchases qualifying homes that are for sale and then rents the home to approved applicants, making home ownership a reality for more people.
If you want to own a home but cannot currently qualify for a mortgage, or if you would prefer to rent a home now with the goal of purchasing it in the next three to five years, then this program may be for you. The Application fee is $30 per applicant. Minimum requirements; credit score of 580, combined household income of $60K – $75K, 6 months stable employment, chapter 7 bankruptcies discharged, chapter 13 bankruptcies in payment plan, no felony evictions or prior evictions and outstanding apartment collections, not in a current default lease agreement, debt to income ratio below 45%.
As with a standard lease agreement, you sign a lease for a year and make a security deposit. Unlike a standard lease agreement, you will have renewal options providing 5 years of rent certainty and the right to purchase the home at a price established when you enter the Right to Purchase Agreement, in accordance with the terms of the Agreement. You can also select the home that you want to live in from those eligible and available for sale in communities we serve– enabling you to live in a neighborhood today where you might not otherwise find a suitable home to rent.
With the help and guidance from your Licensed Real Estate Advisor, Brenda Martinez, the equity partner will only purchase homes that meet their guidelines (move-in ready) which are typically listed on the MLS (Multiple Listing Service). Purchase price is from $200 - $500K Max. Once you approve the purchase price in your Right to Purchase Agreement, that is the price at which you may purchase the home during the term of the lease, in accordance with the terms of the Agreement, whether the home is later appraised at a higher or lower value. If you do not purchase the home as provided in the Agreement, the buyer (equity partner) may rent it or sell the home to others when your lease ends.
Your initial lease is for one year, so your financial commitment is limited to one year. Your lease is renewable every year for FIVE (5) one‐year periods, and you have the right to cancel if you don’t want to renew the lease. Your full security deposit will be returned as provided in the lease if you decide to leave the home at the end of a lease period and have been in full compliance with the lease.
RIGHT TO PURCHASE AGREEMENT
Your Right to Purchase Agreement gives you the right to purchase the home you selected at a predetermined price for every year of your lease, as long as you have been in compliance with the lease, Agreement and other documents. You are under no obligation to buy the home.
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Or Contact our Lease To Own Agent-Expert
The 'Go Giver' Real Estate Advisor
Investor – Educator – Lease to Own Agent - Broker Associate/REALTOR®
BlueSpruce Group, LLC