Mortgage Broker Or Lender, Louisville, KY
Tue Mar 13, 2012
About to give away your big down payment? If you do not qualify for traditional financing today you may not in the future as well, it is a lot more complicated than you realize. Info in the link below may keep you from getting hurt, good luck,
I have a fully renovated home in The Brookland Park area that has been completely renovated and ready for Lease to Own. It's 3 bedrooms, 1.5 Baths, 2 Zone Central Heating & Air. Let me know if your interested and how much of a Down Payment you have?
Here's a link to a blog I wrote on how to find lease-to-own properties: http://bit.ly/findaleaseoption However, I agree with Jim about the risks of a large option fee. (Note: It's not a down payment. You lose it if you don't exercise the option.) Typically, an option fee is 2%-4% of the value of the property. You should almost never consider more--certainly not the equivalent of a "substantial down payment." Frankly, your goal should be to provide as little up-front option money as possible. Please read up more on how to properly structure lease-options.