Frequently Asked Questions

Common questions about Lease Purchases:

  • Is there a down payment on a Lease Purchase home?
  • What are the requirements of a Lease Purchase arrangement?
  • What if I have damaged credit? Can I still move into a Lease Purchase home?
  • What are the benefits of a Lease Purchase home?
  • What does Lease with a Right to Purchase actually mean?
  • What is the Lease Purchase process?
  • Do appliances or furniture come with a Lease Purchase home?

Is there a down payment on a Lease Purchase home?

It depends on the program you choose.  Program #1 does not require a down payment but your credit score must be at least 550.  Program #2 requires a 5% down payment on your purchase price of the home however, your credit score can be as low as a 480.

Program #1 -Although no down payment is required up front, you will have to pay a 2 month security deposit based on your rent amount.

We can help you to structure the perfect scenario to meet your needs. We’ll help you figure out what’s best for you.

So don’t wait! Get started now by filling out the form at the bottom of this page.

What are the requirements of a Lease Purchase arrangement?

We know that every person, family and situation is different.

We do our best to help you uncover creative solutions to help you own the home of your dreams.

Our requirements change depending on the home, the market, and your situation. However, the following criteria are what we need for qualification today.

-Minimum household income of $50,000

-Minimum credit score of 480 or 550 depending on the program you choose

-Good rental history (no evictions in the last 5 years)

-Chapter 7 bankruptcy should be discharged. Chapter 13 bankruptcy should be current

-Asset verification – Can show 2 months of rent in bank account at time of application

-Background check

We love helping great families reach their dreams, so don’t be afraid – fill out the form below to get started!

What if I have damaged credit? Can I still move into get a Lease Purchase home?

Yes you can! Many people with damaged credit can still move into a Lease Purchase home. Right now the minimum credit score needed for a lease purchase is 480. That is well below what is needed to qualify for traditional financing!

Every situation is different, but we specialize in helping people who have been through some tough circumstances get back on the path to home ownership.

Even if your credit is damaged, you can still own a property!

One of the major benefits of a lease purchase scenario is that it gives you time to repair your credit before you purchase your home. You’ll enjoy many of the benefits of home ownership while you’re rebuilding your credit and saving money towards a down payment.

So fill out the form at the bottom of this page now and get your piece of the American dream!

What are the benefits of a lease purchase home?

There are a lot of benefits of a lease purchase agreement!

In the Nashville area, many families are using lease purchase agreements as a way to get the home of their dreams without having to qualify for a bank loan right away.

In the past few years, banks have been very tight on their lending criteria. Most people who use a lease purchase agreement need a few years to get ready to qualify.

Here are a few more reasons to use a lease purchase agreement:

  • Try before you buy! You get to live in your leased home before you actually purchase it, allowing you to make sure it’s actually your dream home. If you don’t like the house, you don’t have to complete the purchase.
  • Own without great credit or a big down payment. You can start feeling like a homeowner right away while saving up and improving your credit.
  • Privacy. You’re not listed as the purchaser on any public records until the closing takes place, giving you years of privacy.
  • Move in fast. Since you don’t have to wait for a mortgage, you can often move in right away – and get started living a new life in the home of your dreams!

So don’t wait! Get started now by filling out the form at the bottom of this page.

What does Lease with a Right to Purchase actually mean?

In most cases, a Lease with a Right to Purchase agreement is a contract on a property that works like a lease and leads to a purchase. It’s often called rent to own, lease option, or lease purchase agreement for short.

The lease portion is a standard rental agreement that includes monthly rent, security deposit, and other typical terms.

The option in the contract gives you the right to purchase the property after a set time period. This gives you the ability to save money towards a down payment, repair credit, increase your income, or otherwise improve your ability to qualify for a mortgage.

Most of the time people use a traditional mortgage loan to purchase the property prior to the expiration of the option period, but there are other options if your financial situation has unique needs.

We help lots of families like yours to purchase the home of their dreams.

Fill out the form below to get started on your way to home ownership!

What is the Lease Purchase process?

The lease purchase process is actually pretty simple.

1. Join our property list and tell us what type of home you’re looking for, your budget, etc.

2. Check out the criteria for qualification on this site and set an appointment.

3. While at the appointment we will show you all the homes available for lease purchase that fit your profile. We will go through the application process together and submit the proper documents listed on this site with application.

4. After you’re approved for we will then schedule a time to look at properties and find your perfect home!

5. After we find your perfect home, it will be purchased by the investor and you will set a move in date. When you move in, the lease with a right to purchase contract will be executed, and you will pay your first months rent along with your security deposit.

6. You are now well on your way to home ownership!

That’s the process!

Once you’ve completed your mortgage, you’re done – now you own your home!

Do appliances or furniture come with a Lease Purchase home?

Furniture isn’t included with a lease purchase home.

Generally, the basic appliances are there – like a refrigerator, stove, oven, and sometimes extras, like a dishwasher, a washer and a dryer.   All parts of a property that are installed or attached – like the heating system and air conditioning – are definitely included.

See Available Nashville Lease Purchase Homes ›