Lease To Own Program
This program is for individuals seeking homeownership. They are currently unable to qualify for a mortgage due to poor credit or lack of credit. They are employed and able to make monthly payments. Many are renting, and have a little money saved up for a down payment. Once the customer is qualified for the Lease to Own Program an investor is found that will buy the home and then leases it to the client until the client’s credit enables them to purchase it. This typically takes 12 months. While the client (optionee) is leasing the home from the investor they are on our PayAccel Basic Program, which is preparing them for homeownership. PayAccel Basic ensures on time creditor payments and on time lease payments.
Client Description - This program is for a renter seeking homeownership but unable to qualify due to poor credit.
Service Description – Client enrolls in the PayAccel Basic program and leases the home from an investor for at least 12 months and no longer than 36 months. Once the client qualifies for a mortgage they then purchase the home from the investor.
Plan Fees – Fees are determined by investor and client. There are typically an Option Fee that is a percentage of the purchase price and a monthly fee. The home is sold to the client for a previously agreed upon amount that is higher than it was purchased by the investor.