When someone has to rent because they are not yet in a position to buy a home, BUT they know they want to own a home, LEASE PURCHASE is often an option they look into.
For years I advised my clients against doing a lease purchase. While it still isn’t my top recommendation depending on their situation, I have come across some companies that offer a lease purchase / lease with the option to buy alternative that are worth looking into.
In this blog post and video video, I share my finding on 4 companies.
- Home Partners of America
- TRIO
- Divvy Homes
- Dream America
*I am a preferred/registered agent with all of the companies listed. If you are interested in seeing if a lease purchase option is right for you or applying to one of the programs, CONTACT ME to get the process started (404) 857-2508.
DISCLAIMER – These are my opinions based on my research on paper. Information is subject to change at any time. Verify information directly with the companies mentioned.
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What is a LEASE PURCHASE?
Basically a lease purchase is an agreement that allows someone to rent a house with the intention of buying it at some point.
For many years I would advise against doing a lease purchase because of how most are structured aka the fine print. A lot of the times one will end up putting a large amount of money down upfront and if they decide not to buy that property or things don’t work out, they lose their money.
I have come across a few companies that offer a lease purchase option and I feel comfortable enough to present this as an option to my clients.
I have two disclaimers for you:
#1 – The information that I’m going to share is based upon my research on paper. I have not personally purchased a home through lease purchase okay. Some of these companies I am more familiar with than others but again these are my opinions and I urge you to do your own research. Do your own due diligence and then you have to apply it to your particular situation and what’s going to work out best for you. That leads me to my second disclaimer.
#2 – Any time someone asks me about a lease or lease purchase I first talk to them about getting approved to just buy outright. It’s gonna be in your best interest and cheaper in the long run for you to just go ahead and buy outright. There are some people who cannot for various reasons buy outright within the next 12 months. Those people may want to look at these programs to see if that’s an option for them.
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Home Partners of America allows you to find a home that you want to rent from us initially, but you may also like to buy any time within the next three to five years okay.
They are available in several states. If you go to their website, you click on Communities. You can see all of the states that they are listed in. In my opinion this program would be good for a person that needs a couple of years to qualify to buy a home but they want to get into that home now okay.
Trio. If you are in the state of Georgia like I am, at the time of my research, Trio is on hold. Per their website…
Important announcement. Please read carefully. Due to a delay with the Department of Housing and Urban Development, Trio is temporarily not accepting any new purchase and sale agreements in Georgia we are continuing to process applications and have a few move-in ready homes available in the Atlanta market. We ask that you wait to submit any offers on a home as we’re not accepting any purchase of sale agreements in Georgia at this time and then it goes on to say basically for all other markets as we continue with normal operations. For updates and announcements
please sign up for our newsletter okay.
So they are currently on hold and not accepting any new applications, but I’m still gonna go ahead and review them because when they do start accepting new applications this is definitely one to look into. Trio offers a new path to homeownership that’s affordable realistic sustainable and secure for American households. It allows the renter to assume the mortgage when they qualify. They are available in several states as well and if you go to their website you click on Locations and you’ll where they’re available.
Next up is Divvy Homes. Divvy allows you to choose the home you want to live in now while saving up for a down-payment. Divvy is available in the metro areas of Georgia, Cleveland, Tennessee. If you’re one of those people that have been saving for a house for a very long time and it has not happened but you have the newest bags and shoes and, you want to take a look at this program.
Last but not least is Dream America. Dream America offers a 12-month lease with the option to buy program. It’s offered exclusively to aspiring homeowners. It is for individuals and families that want to
pick a home from any available from their community within an approved budget, lease it from Dream America and then buy as soon as they qualify for a mortgage. They are available in metro areas of Florida, Georgia, Nevada, Tennessee, and Texas.
For additional information, my opinion and highlights of each of these programs, see the VIDEO below.
To APPLY with me as your agent, click on the link and/or give my name & email – info@soldbynat.com
Home Partners of America – https://www.homepartners.com/?utm_agent=Natasha%20Bazile&utm_agentemail=info%40soldbynat.com&utm_agentid=E42746F0B8EF98EA&utm_brokerage=Virtual%20Properties%20-%20GA
TRIO – Contact me for application tips and info needed
Divvy – divvyhomes.com/a/agentnatashabazile
Dream America – https://www.dreamamerica.com/home/applyNow/Natasha-Bazile