If your credit score is a little low but you are able to come up with a down payment of around $5,000 or 3% of the asking price on a property, a Lease/Purchase may be for you. You can get into a very nice home---even a BRAND NEW HOME that's never been occupied---this way. The usual lease period is 1 year and the down payment is usually non-refundable. Some Sellers will apply part of the monthly rental payment towards the down payment. At the end of the lease period, you are under a legally binding contract to buy the house. Make sure your landlord is making the mortgage payments on time otherwise the home will go into foreclosure, you will be evicted and probably lose your deposit. This may be a good way to live in your own new home while you re-build your credit. The biggest obstacle to overcome in a lease/purchase is having enough money saved for the down payment. And remember, you can negotiate any terms of the agreement. Let us help.... Ron May, Licensed GA Realtor 678-985-6992 rontmay@bellsouth.net |