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Lease then Purchase One Of
Our Available Homes
If your credit isn't quite ready for traditional financing, we can likely help you across the finish line.
Our purchase process is referred to as a Lease/Purchase and by leasing for a bit before financing your final purchase it can buy you the time you need to get your finances in shape for a traditional mortgage.
Our free Purchase Pathway program even coaches you on what steps to take to quickly rebuild your credit to get you mortgage-ready.
At any point that your financing options are opened up, you can finance out of the lease and into your ownership. No restrictions or extra cost. This is all about you owning your own home and increasing home ownership in Springfield.
It's the perfect springboard for the self-employed, recently divorced, or others who just need a little time to improve their financial stability and credit score.
Get started by submitting this form. Then we'll set up a call and showing with you...
Most Frequently Asked
Questions We Get From Buyers
Question: So wait, am I buying or renting?
Answer: You're just renting until you can buy. Some people just need time to get mortgage ready. Whether it's because you are self employed, recently divorce, or had some credit carnage that is in the healing process, this structure gives you the time you need.
The rent paid during the lease term is rent only. The purchase option down payment goes toward the purchase price. Additional purchase money can be paid later (i.e. tax time, bonus time) to increase the down payment amount, which helps secure the conventional loan at better terms and interest rate when you finalize the purchase.
We don’t want you to rent for any longer than you have to, so there’s no required length imposed on the lease period. We’ll be pushing for your credit repair and mortgage readiness, so as soon as that is good to go, you can finance us out.
Question: What is the credit repair part of the Pathway to Purchase?
Answer: You will perform the credit repair actions based on coaching and tips that we provide.
We do an initial soft credit pull as part of the application process. This will give us an idea of whether your credit and financial situation is likely recoverable for a successful purchase. Upon approval and continuation, we will connect you with a mortgage professional that will let us all know what actions need to be taken to get you mortgage ready.
We will do regular checkups with you through CreditKarma.com or a similar service to make sure steady progress is being made. The goal is that, after 6-12 months of leasing and effort to clear up collections, establish credit history and improve your debt-to-income ratio, that the conventional mortgage will be an option for you to finalize the home purchase.
Question: Is a down payment required?
Answer: A purchase option initial payment down of 5% to 10% is required on all Lease/Purchase property sales. This funding does a couple of things to secure the transaction.
First, this full amount is applied through toward the purchase price at settlement, aiding you as the buyer to secure traditional financing by improving the required LTV.
Secondly, this initial payment locks in the transaction equity for the buyer and ensures that the buyer remains vested in the purchase and caring for the home.
Question: Will I own the home right away?
Answer: Your ownership on paper is finalized at final mortgage closing after your credit is repaired. However, upon signing the Lease/Option documents at the initial closing you will be able to take full possession of the property for residence, maintenance, quiet enjoyment and care.
Your lease ensures that you are able to treat the home as your own from the very beginning, while on paper the final name changes happen with bank financing.
Question: Who will fix things that need maintenance attention?
Answer: Once you sign on for purchase of the home through the Lease/Purchase program you take over all maintenance, care, and responsibility for the home. You'll be able to repair issues, make minor improvements as approved and see to ongoing care. The goal is to make this your house from square one, even though you may need some time to finalize the purchase process to get it into your name.
Question: Can I get the home inspected?
Answer: Of course! In fact, as part of the onboarding contract process you sign that you either commit to have the property inspected, or waive that right. It's very clear. We want you to know what you are buying, and be happy with your commitment to the final purchase. We'll provide you with all the access you need.
Question: Can I change my mind later?
Answer: Not really. This is a commitment that you need to make sure you are fully vested in from the time you sign. So, if you have questions or need counsel up front, be sure to ask!
Question: How do payments need to be made?
Answer: Closing settlement payments will need to be made by cashiers check or money order. But, the ongoing, regular monthly payments may be made through the online portal—easy peasy.
We are experienced real estate investors in Springfield, Missouri and specialize in off-market properties.
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