I would not suggest to any of my clients to seek out a home that will allow a lease purchase because in my mind you will wind up either in a house you had to settle for because you didn't have your pick. You severely limit your choices that way and you end up putting 7,10,or 20% down non-refundable for the "OPTION" to purchase at the end of six months as I believe that is the legal timeframe the option must be excercised within. The lease cannot have any purchase info in it unless drawn up by an attorney. My suggestion as I look after my clients best interests is that we do one of two things:
1. If your credit is close to a 580 but not quite there and you feel very confident you are going to pay alot off, fix negatives on credit thus bringing the score at least above 580 preferrably 620, then I would say lets look for the house that you want and pose a short lease period with a seperate option to them. Not all will be in a position to take that on but many might.
2. Lets get you in to reputable credit repair and in 6-8 months have you in a house with a great rate because we waited a while to raise scores and also getting you in a home with $0down, $100down, 3.5%downn depending on type and location of loan.
Call, Email or Text me and we will make it happen!
Realtor/ABR/SFR/Seasoned Real Estate Investor/Licensed HVAC Contractor/Licensed Manufactured Home Retailer/Property Manager and Landlord
United Real Estate Dallas