Home Buying in 32110>Question Details

Oeznitez, Home Buyer in Daytona Beach, FL

Anyone know of any mortgage companies who have a lease to purchase option mortgage program.?

Asked by Oeznitez, Daytona Beach, FL Fri Jan 27, 2012

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No banks dont offer anything like that. Find yourself and agent that represents you and find a seller that will do owner financing for 3 to 5 years and then refinance with a bank or credit union.

0 votes Thank Flag Link Fri Jan 27, 2012
No. Mortgage companies don't offer them. (Answers from Kevin and Ron are both correct.)

You'd find a lease-option or lease-purchase either on your own or with a real estate agent. The terms of the lease and the option (or purchase) would be negotiated with the seller. You'd then lease for a period of time. (Kevin's advice regarding 3-5 years is excellent. The longer the better. Don't do a deal with a 6 month or 1 year option.) Then, if/when you were prepared to purchase, you'd go out to a mortgage company and get a conventional mortgage.

Investors also offer lease-options and lease-purchases. In that case, you'd make the deal with the investor and then, at a later point when you were ready and able to buy, you'd go and get a conventional mortgage.

Point is: Mortgage companies come into the picture only when you're ready to buy. Before that, you're dealing with the home owner or an investor.

For tips on how to find lease-options, see http://bit.ly/findaleaseoption

Hope that helps.
1 vote Thank Flag Link Fri Jan 27, 2012
Don Tepper, Real Estate Pro in Burke, VA
By definition, you are bypassing the Mortgage company when you do a Lease/Option:
You are asking the OWNER to carry you for a period of time, usually 2 to 5 years, at which time you will try to find a Mortgage company to complete the sale.
Got it?

Good luck and may God bless
1 vote Thank Flag Link Fri Jan 27, 2012
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