Well, there are options. My mortgage lender sent me some information about a new program in Washington State that offers a leasing with right to purchase program, called Home Partners of America. Here is their information about how this program works:
We want to work with you to lead responsible households on a new path to homeownership.
Our goal is to help more than 10,000-15,000 households in the next 14-16 months:
We work with households that want to rent homes with a right to purchase in the future:
− First-time homebuyers
− Individuals relocating to a new market
− Households that cannot obtain mortgages
A household can select any home listed for sale that meets our criteria:
− Financial obligation is limited to one year of rent
− The lease can be renewed annually for a total of five years
− The resident can move out after any one-year lease term without penalty
− The resident can buy the home from us at any time during their residency
As our buyer’s agent, real estate brokers will receive a full co-op commission when we buy the home.
Basic requirements:
− Annual household income of at least $50,000
− Stable employment
− No history of eviction and no pending bankruptcy;
Every household must provide:
− Full Application from everyone 18+ years old
− Application Fee ($75 total per household)
− Supporting documents:
acceptable criminal history
• Income Verification
• Asset Verification
Please message me privately for more information about this program at HomeLandInvestment@gmail.com or leave a voice message on my recorded hotline: 888-621-4999.
Happy Investing!
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