Buying a home with a lease option program

Summary: Learn how a lease option program works and how it can benefit you.

Buying a home with a lease option program Have you dreamed of owning your own home, but just don't know how you can manage it? You might have bad credit, little money for a down payment or no credit history at all. Even so, homeownership is within your grasp by using a lease option program. What is lease option? Lease option is when you enter an agreement with a landlord that states in the future you have the option to buy that house. You agree on a price when you begin the lease, and if you opt to purchase the house, then you get a mortgage and end renting. If you opt to not buy the house, you move on or continue to rent. Why is lease option popular? Lease option will get you into your house fast! You sign a lease like the one you would any other apartment, stating what the rent is, how many pets you can have, etc. With a lease option, you also sign an agreement that says you have a right to buy the home and for what price. The agreement will also state the terms such as how long you have to decide on buying and what the expenses will be for both you and the seller. The pros of lease option programs