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If you'd like to purchase a home but just can't seem to scrape together a down payment, you're not alone.
According to the 2009 National Housing Pulse Survey, an annual survey conducted by the National Association of Realtors, 82 percent of those surveyed say that having enough money for a down payment and closing costs is the biggest obstacle they face in buying a home.
Financing is another hurdle, with 70 percent lacking confidence in their ability to be approved for a home loan.
For those who want to purchase a home but lack the down payment or the ability to qualify for a mortgage, a lease-purchase can be a way to achieve homeownership.
Under the terms of a lease-purchase agreement, the buyer leases the property with an option to purchase it at a predetermined price later. A portion of the rent is applied toward the down payment and is essentially "forced savings" for the buyer. The buyer locks in the price of the home and buys himself time to get qualified for a mortgage.
Structured right, a lease-purchase arrangement is a win-win for buyer and seller. Here are some tips for anyone thinking of a lease-purchase.
For more information about lease-purchases, or to learn about available properties in your area, call our CENTURY 21 Office today
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2421 S Hwy 97 Redmond, OR 97756