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“Are you dreaming of owning your own home but have less than perfect credit?  We have helped countless people just like you.  Our Lease-Purchase program can help make your dreams come true. 

Our Lease-Purchase program is designed to assist people in all types of situations and circumstances. Don’t let the bank tell you that you can’t buy a home.

We find home sellers that are willing to work with tenant-buyers that currently have issues qualifying for a conventional mortgage. And while you are working towards qualifying for a loan, you are living in and building equity in your new home.

If you can afford a reasonable down payment and affordable monthly payments, you can easily qualify today for our powerful Rent-To-Own program.


It’s Easy to Qualify!

With our easy qualifying Rent-To-Own program, you can move into your new home today and we will help ensure that you qualify for a traditional as soon as possible.

Perhaps one of these situations applies to you:  job loss, divorce, mortgage fraud victim, self-employed, past or present financial problems. Don’t worry, these problems won’t scare us!

We’ll Do All of the Legwork for You!

We will ensure that the owner of the home you are Lease Purchasing from is the actual owner on record. AND, we will make sure that their mortgage is current and they aren’t behind on payments. No one will work harder than us to help you BUY the next home of your dreams!

 

Buyer FAQ’s

What are your qualifications?

Your qualification is widely based on 2 main factors.  First is your ability make the monthly payment based on your current income.  The second is meeting the down-payment deposit requirement. In addition.

  • Monthly gross income should be at least 3 x's the rent
  • Verifiable landlord references and tenant history
  •  No evictions in the last 4 years
  •  Verifiable employment history and income
  •  Pass criminal background check, (misdemeanors and minor infractions OK)
  •  Do you really want to own the home instead of being a career renter
  •  A minimum credit score of between 540-550 is needed. Current FHA standards require a 640 credit score.  We work closely with our LOCAL LENDER and MY CREDIT GUY to get you mortgage ready.
  •  If your credit score is lower thatn 580 we require you to enroll in credit repair. MY CREDIT GUY can typically raise your credit score be 15-20 points a month.

 

If you don’t know your credit score a good place to start is to contact Duraye Lewis at MY CREDIT GUY at 1-866-726-7339 or email her at duraye@mycreditguy .

 

How does your Rent-to-Own Program Work?

 

  • It’s simple!  If you meet the qualifications above and see a house on our website that you like, give us a call at 217-202-2966 to set up a showing.
  • If you decide you like the home and are ready to move forward we have you talk with Duraye to get your credit score.
  • Your application will be reviewed.  This step is necessary to discover how much house you can afford based on your income.  Your information will also help determine what length of time if any will be necessary for you to qualify for a home loan. Lastly, they will analyze your current credit status and provide a scope of what needs to be repaired or built up during your lease-purchase period.
  • After you preview and choose your home, we determine:  *Monthly Payment, *Length of Lease, *Down Payment, *Purchase Price, *Possession, *Roles & Responsibilities, *Repairs, *Utilities, etc.
  • Once the lease has been negotiated, you will deposit a check for your down payment and the first month’s lease. 100% of your down payment deposit is credited toward the purchase price when you buy.
  • Finally, keys will be delivered to you by the possession date.  In most cases the seller will meet with you at the property to go over miscellaneous insights or questions about the home.
  • You will continue to work with Credit Repair throughout the lease-purchase period.  They will provide support and coaching to help you qualify to purchase your home in a timely manner.

Do I have to have a Down-Payment Deposit?

  • Yes, in all cases a down-payment deposit is required.  
  • However, the amount of the down-payment can vary and may even be negotiable based on other compensating factors.
  • Contact us if you have further questions with regards to down-payment deposits.

Are Pets Allowed?

  • Pets may or may not be allowed based on the current owner’s instructions. However, we find that owners tend to be more flexible on this issue with lease-purchase transactions vs. a regular rental arrangement.

What happens after I apply for a home?

  • After you complete the Free Online Application, it is reviewed by a mortgage lender to determine how much monthly payment you can afford based on your income and current debt.
  • Your qualification is not based on credit history, however, your credit report is reviewed to determine what length of time will be needed for you to be able to qualify for a home loan.

What if I have filed Bankruptcy or Have had a Foreclosure?

  • Bankruptcy does not affect your ability to qualify for our lease-purchase program unless if it has not yet been discharged.
  • A foreclosure on your credit is also acceptable, however depending on how recent it occurred, it will effect how soon you will be able to qualify for a home loan.  For Example, FHA Guidelines state that a foreclosure must be seasoned 36 months before they will consider financing a borrower.  If your foreclosure is recent, it will require negotiation of a 3-4 year lease-purchase agreement with a seller.

How long does the process take?

  • We have completed transactions in as little as 2 days from start to finish.  Typically however, you can expect between 7-14 days.

What are the costs or fees involved?

  •  Other costs like the Down Payment Deposit and Monthly Lease Payment will vary and in most cases are negotiable.

How can I buy a home when I have bad credit?

  • You can’t through conventional lenders, but you can with our help.  Through our Rent-to-Own program, we can help you improve your credit over time.  We are not extremely interested in your past credit status.  Your ability to make reasonable monthly payments and your desire to be a homeowner are important to us.  Our program was designed to support you throughout the lease-purchase period so that you can qualify to buy in the future.

I am renting now, how is this different?

  • This is a way to help you get started toward BUYING your own home.

Do I have to ‘qualify’ for this program?

  • Yes, your qualification is widely based on 2 main factors.  First is your ability make the monthly payment based on your current income.  The second is meeting the down-payment deposit requirement.

Is the down-payment deposit non-refundable?

  • Yes,  If you break the lease or don’t pay your rent, you forfeit all of your down-payment deposit.  You get your option consideration money credited back towards the purchase price of the home when you purchase it.

What other methods of option consideration are accepted?

  • Unlike most lending institutions, we accept borrowed funds for closing. If you have a close friend or relative willing to lend you money for your option consideration, you can use that with our programs. You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties.

How long is the Rent-To-Own period for?

  • The length of the lease-purchase period can vary based on your needs and the seller’s ability to work with you.  Typically lease-purchase contracts are negotiated for between 6-24 months.  Agreements can be made for shorter or longer than this, however in all cases, you can exercise your option to purchase at any time during the lease.

Is the price of the home established in advance?

  • Yes. The price of the home is decided at the time you sign the Lease Agreement unless otherwise negotiated and stipulated in the agreement with the seller.

Who pays the property taxes and insurance during the Rent-To-Own period?

  • The Home Owner does until you actually complete the purchase.