1. Weak Credit: Lenders require applicants to have a strong credit record to get a mortgage. Many times life’s circumstances cause temporary setbacks in credit. A divorce, business failure, auto accident, medical disaster, etc. can cause financial problems that result in temporarily weak credit. For most people time will solve this problem. A Lease Purchase will give you time to heal your credit and let you enjoy your dream home in the meantime.
   
   
2. Money: It usually takes some down payment to buy a home. Lenders want buyers to have some of their hard earned money on the line and down payments are usually required. A lease purchase can give you the time you need to accumulate some down payment while you enjoy the home. You’ll build equity while you are renting.
   
   
3. Employment: Lenders require you to be with the same employer for a while to show stability. A Lease Purchase lets you live in the home you want to own while building this employment requirement.
   

Most Owners will give you two to three years to close (some will wait longer). This gives you the time you need to solve your credit, down payment, or employment problem. This also allows you the luxury of living in a home you want while getting ready to purchase it.

More benefits to using a Lease Purchase:

1. Build Equity: The price of the property should be established in advance. Through your improvements and normal appreciation, the home will be worth more than you agreed to pay and you are the winner. Your home improvements will drive the value up and you build equity while you’re renting. You can decorate, add a deck, storage building, ceiling fans, security systems, shelving, etc. and the increased value benefits you. You can also paint, plant, landscape, fix, replace, improve and all your hard work profits you, not the Owner. During the past 10 years we’ve seen appraisals $10,000 to $20,000 above the price the tenant actually paid for the home. It pays to Lease Purchase a home from Crown.
   
   
2. Meet the Neighbors: Meet your neighbors, teachers, and soccer coach before you buy. See the homeowner’s association at work before you close. They will treat you like every other owner rather than a renter.
   
   
3. Create Stability: Renting feeds instability. Renting feels temporary and lenders see it that way. The rent can increase and the Owner can decide to move back in or sell out from under you. You are at their mercy. Every Renewal date brings with it another decision. Can I stay? How much will the rent be? All this uncertainty is removed when you use a Lease Purchase. You can become a part of the community, join the soccer team and a garden club knowing that you are here to stay.
   
   
4. Easier Financing: Many Lenders give special consideration to tenants on Lease Purchase programs. Crown has closed over 100 Lease Purchases where the buyer had to come to the closing with less than $1,000.00. Crown has the relationships established with lenders that can make this happen.
   
   

   A Lease Purchase brings you one step closer to being a homeowner. Ask Crown today about Lease Purchasing your next home.