Lease with Assumable Mortgage

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I offer 2 different programs to help as many families as I can to transition into home ownership

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

First one is a Lease with Assumable Mortgage Program

Minimum Equifax Score of 580

Minimum Monthly Income of $4000

Rule of thumb is if your credit score is a 640 on a consumer site then your actual credit score is around a 580

Minimum Monthly Income of $4000

If Self Employed submit a P and L Statement for the last 2 months that can be verified by bank deposits.

Show 24 months of on time Rental Payments

Have a minimum of $5000 combined in Checking and Savings (If not come back when you do)

This can be done with a ledger with the landlords information and signature

There cannot be any unpaid Apartment Collections on your credit report

Have a minimum of $5000 combined in Checking and Savings (If not come back when you do)

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.

have more questions

Texas Rental Solutions

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Monday - Friday: 9am - 5pm

Saturday: 10am-4pm

Sunday: Closed

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JP and Associates JP01C| 18812 Coleman Blvd Frisco, TX 75034 | Brokerage9002729

Lease with Assumable Mortgage

Welcome

Meet Adriane Terrell

Licensed Realtor, 0613193

First one is a Lease with Assumable Mortgage Program

Minimum Equifax Score of 580

Minimum Monthly Income of $4000

Minimum Monthly Income of $4000

Minimum Monthly Income of $4000

Minimum Monthly Income of $4000

Minimum Monthly Income of $4000

Show 24 months of on time Rental Payments

Have a minimum of $5000 combined in Checking and Savings (If not come back when you do)

Have a minimum of $5000 combined in Checking and Savings (If not come back when you do)

Have a minimum of $5000 combined in Checking and Savings (If not come back when you do)

Have a minimum of $5000 combined in Checking and Savings (If not come back when you do)

Have a minimum of $5000 combined in Checking and Savings (If not come back when you do)

How it Works

Real Estate Done Right

After Offer is Accepted

The Lease Period

have more questions

Do You Meet the Criteria? If so fill out this form to schedule a phone call. If not click on the tab above "Lease with the Rights to Purchase"

Texas Rental Solutions