City Group Properties are the Experts in Real Estate when it comes to Owner Finance and Lease with Option to Buy. Although many Real Estate Firms claim to offer Owner Finance, we specialize in helping people getting into their dream home with Owner Finance (Lender or Traditional). Here’s what you need to know about these.
Small business owners, those with credit issues and if you have tax issues and making payments, the owner finance or lease with option to buy may be a great solution to help you get into your new home. Here is a brief description and criteria for Owner Finance and Lease with Option to Buy.
Owner Finance Lender requires up to 10% down payment but your credit score can be from 500+. You need to show your income through bank statements and your taxes must be filed and paid, but have at least 2 years on the job. You can not have more than 43% Debt to income ratio, Foreclosures and Bankruptcies are ok, but broken leases or evictions are not acceptable in this program. Price range up to $500K and usually closes in 30-45 days.
Traditional Owner Finance requires up to 20% down payment with any credit score. Must provide bank statements to prove income. Taxes and payments are ok. Any time on the job, any debt to income ratio. Foreclosures, Bankruptcies, evictions, broken leases are ok, but on a case by case. Usually closes in 14 days.
Lease with Option to Buy
Lease with Option to Buy requires 1st month rent plus 2 month security deposit (3%). 525+ credit score. Must provide paycheck stubs to prove income. Do not have to have filed taxes and must have at least 6 months on the job. Can have up to 43% Debt to income ratio. Foreclosures and Bankruptcies ok, case by case. No broken leases or evictions. Price range of homes can be $125K – $500K. Usually closes in 25-30 Days.
If you would like one of City Group Propertie’s experts to give you more information about our Owner Finance or Lease with Option to Buy programs, please fill out this form and submit it to us.