Lease To Own Details
- Credit Score Minimum – 480
- Down Payment – 5 percent (depending on equity in the home)
- Term – 1-1.5 years
- Location – Anywhere within 50 miles of Phoenix.
- Type of Property – Single-Family Homes and Townhomes — No Condos or Manufactured Homes
- Debt to Income – max 50 percent ($4,000 min monthly income)
- Minimum Purchase Price – $150K
- Past Foreclosure – (must be min. 24 months from foreclosure)
- Short Sales – (must be min. 24 months from short sale)
- Bankruptcy – (must be min. 12 months from foreclosure)
- Tax Liens – (negotiable, depending on the situation)
- Medical – (negotiable, depending on the situation)
- No Late Payments in last 12 months
- Fees equal to one month of rent (after your new home is under contract)
- Buyback Price approx 10 percent over the purchase price
- Rent is approx eight percent + tax +insurance + HOA fee