RE: Reply to question, "Should I enter into a lease purchase?"
How are you today? Don't worry about not being able to qualify initially. I think it is great to enter into a lease purchase under the following circumstances if you are a buyer:
> If you know the time you have reserved to purchase the home will provide you the time needed, according to your financial adviser and/or mortgage consultant, to actually repair your credit to purchase. The lender should be able to confidently give the seller a realistic idea of when you can purchase provided you take the advice given to impact your credit score positively.
> If the sales price will allow you to lock into a price that is lower than the market and/or at the current appraisal price when you actually buy the home.
> If you are actually investing instead of simply renting, it's a win, win, win situation for all involved, especially if the home owner had difficulty selling and needed the next best option - a future buyer.
> If you found the home you love after searching for a while and do not want to miss the opportunity to secure it for purchase at a later time while you apply for funding. I also have buyers take a look at alternate financing while simultaneously working with a mortgage consultant to ensure they are doing all they can to get in a position to purchase soon.
Some agents may want instant gratification through immediate finances, however in all situations, we have to do what is best for our clients and renting without a purpose or without progression is not one of them. Investing is always better than paying someone else's mortgage without a personal benefit. It is not about money, but primarily about your total satisfaction at the end of the day. I have a Bachelor's in Finance & Accounting and I always provide a true financial picture to my clients through a 5 year projection. Usually, I can help them turn around their finances in approximately 1 - 2 years.
Finally, I specialize in lease purchases and 92.5% of them usually close as I encourage all my clients to build a relationship with a CREDIT ENHANCEMENT SPECIALIST who will help them improve their credit score over time. I hope this helps. As always, we would be honored to serve you in the event you decide to move in the direction of a lease purchase!
The Sonya Jones Group
RE/MAX Grand South
678.755.6590 Direct Line
However, the truth is that under the best of circumstances,you will loose money or overpay with a lease purchase. Rent until you can get approval to buy - do not consider a lease purchase under ANY circumstances.