Lease with Assumable Mortgage
We make getting into home ownership a breeze !
Meet Adriane Terrell
Licensed Realtor, 0613193
I have been a Realtor for over 9 years specializing in finding the right path for families to achieve home ownership.
80% of my Lease to Own Clients I have helped them secure a traditional mortgage through my Lender Network
Just like not every family or individual fit the cookie cutter loan requirements. They also don't all fit in one Leas
I have been a Realtor for over 9 years specializing in finding the right path for families to achieve home ownership.
80% of my Lease to Own Clients I have helped them secure a traditional mortgage through my Lender Network
Just like not every family or individual fit the cookie cutter loan requirements. They also don't all fit in one Lease to Purchase Program. This is why I have been certified in several programs that I researched first to find the best programs out there for my clients.
Read each program carefully to find the one that best fits your family situation.
How it Works
Real Estate Done Right
Once you are approved for a lease amount we go home shopping. Any home that is currently listed for sale.. Where do you want to live? Once you choose a home we submit and offer. Home Price Minimum is $140,000 and Maximum Price is $450,000. No Foreclosures or Short Sales qualify. The homes must meet FHA standards
After Offer is Accepted
This is where the fun begins. The offer is submitted with your name on the contract. You put down 1% of Sales Price for earnest money and option money. This gets Credited to your down payment. Down Payment is roughly around 2 months rent plus your first month payment
After repairs are negotiated the home contract is reassigned to the business entity that will secure the FHA Assumable Mortgage on your behalf. The interest rate is around 4% for the life of the 30 year loan.
The Lease Period
As you lease the home for 1 to 3 years you'll be "buying" down the pre-determined re-purchase price to 1% over the cost it was to acquire the home. When ready to Assume the Mortgage you are able to use ALL or part of the equity (you choose) established in the home for your downpayment and closing costs. Which will drop your monthly payments to a lower amount.