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Purchase Options
- Standard purchase with approval anywhere from 80% to
100% of purchase price
- One- on- one assistance with flexible financing options
- Lease Options
- Land Contracts
- Quick cash sales will get you great prices!
- Rentals
What can All Credit Considered.com do for
you?
We are able to help you find out if you may be eligible to
purchase a home now or sometime in the next 24 months. The
process is very simple. You fill out a one page credit
application and we will have our mortgage broker review
it. We will then be able to tell you if you are eligible
to purchase a home immediately or if you have some work to do in
order to possibly be eligible in the next 12 - 24 months.
We always try to get you approved to purchase a home at 100%
of the purchase price to avoid having to come up with a large down
payment. We often find that someone is eligible to purchase a
home at 80% of purchase price immediately, however he does not have
the 20% down that he needs to be able to move forward with a
deal. This is a situation where a Lease Option or Land
Contract may be appropriate to help him purchase the home over
time.
What is the difference between a Land Contract and
a Lease
Option?
Lease Option
In this option, the buyer and seller agree to a
purchase price and the length of the lease option agreement.
The length of the lease option is based on
how long it will be until the purchaser may be eligible to get financing to purchase the home. We
can never guarantee that a buyer will be eligible to purchase a home
at the end of a lease option period. It is up to the buyer to
rectify any credit problems or build any new credit necessary for
approval.
A small down payment of
usually 3% to 5% is required and will apply to the purchase
price. An agreed upon portion of the monthly lease payment
will also apply to the purchase price. This is exactly what
the name implies...a lease with the option to buy the home after a
period of time. The seller continues to pay the
mortgage, taxes and homeowners insurance. The buyer needs to
carry renter's insurance to cover the contents of the home.
Land Contract
In this option, the buyer and seller agree to a purchase price
and the length of the contract. The Land Contract is recorded at the county court
house, giving the purchaser a recorded vested interest in the
property. Over the
course of the land contract the purchaser pays a monthly payment to
the seller. The payment is amortized over a 30 year note at a
set interest rate, so a portion of that payment will apply to the
principle balance. The seller continues
to pay the mortgage, taxes and home owners insurance on the property.
The buyer needs to carry renter's insurance
to cover the contents of the home.
The down payment is generally 10% of the purchase price, but
could be less. It is a higher down payment simply because it
is a "more" official way to buy a home over time since the
purchaser has a recorded vested interest in the property. At the end of the Land
Contract period, the sale of the home is actually treated as a
refinance instead of a new purchase. The home is refinanced and the seller's name is removed from the
deed.
It often easier to refinance a home for a buyer in a Land
Contract than to
purchase a home outright at the end of a Lease Option, however,
the larger down payment required for a
Land Contract often makes the Lease Option a more appealing
choice.
Benefits of Purchasing a Home vs. Renting
- You can deduct all closing costs and interest paid on your
taxes
- Building your own equity and good credit instead of someone
else's!
- People who own a home are more likely to be successful and
financially sound.
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