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1313 Leona
Fairview Heights, IL
 1,450 sq ft raised ranch
House for Lease/Purchase
$1,575 month
Details




 

WELCOME HOME BUYERS



Our goal is to help you purchase a home by offering up to two years "Seller Financing" through our "Lease / Purchase" program.


How does this work? / FAQ

Ownership/responsibility

You have full right and responsibility of ownership similar to a contract for deed, but with a limited term of no longer than two years. We are your bank, not your landlord. This is your home and as such you are responsible for maintaining it and keeping it clean and in good order. Any improvements that you do to the house is just improving the value of your home and adding to your equity.

Term

The term that we can offer is up to two years. You are in charge of getting your credit or situation in order and refinancing with a bank or mortgage company within the two year period. If you have not refinanced before the end of the agreement you will loose your down payment and the right to purchase the home. ( in some instances the term may be extended to up to three years with a manager's approval )

Purchase price

We take the value of the home now by market comparison and add two years appreciation to compensate us for giving you the two years seller financing. Purchase price may adjust for early payoff. If you refinance early the purchase price will be adjusted down to the appraised value of the home at the time of payoff. The purchase price will never go up even if the appraisal is higher, that equity is yours.

Monthly payment

Your monthly lease payment, besides giving you full right of ownership, covers the principal, interest, real estate taxes and home owner's insurance on the existing mortgage, plus, adds $200.00 to your down payment each month that it is received by the first of the month. In two years you can add $4,800.00 to your down payment just by paying us on time.

Down payment

The down payment we require depends on what the cost was to take over title and mortgage on the property. The minimum down payment is usually $5,000 + first month's lease. Many houses require $,7000 to $15,000 depending on the overall price of the home. All down payments are somewhat negotiable. In some cases part of the down payment may be paid over time. The monthly lease payment may be reduced by increasing the down payment. The more you put down the better your chances of refinancing sooner.

Prepayment

There is no penalty for early payoff. We encourage you to refinance as quickly as possible. Getting the home in your name with your own mortgage is the whole goal.

Do I qualify?

    To qualify you must meet the following criteria:

  • - 510 or higher credit score
  • - Be able to repair credit or situation within two years
  • - Meet the down payment requirements
  • - Debt to income ratio must meet current mortgage standards
  • - Have on time payment history with your current landlord
  • - Prove income
  • - No prior evictions or criminal history
  • - Proof you are keeping your current home in good clean condition
    ( we may make an exception to any one of these criteria at a manager's discretion )


What does my credit score need to be to qualify?

Typically, you should have over a 520 credit score to be able to repair credit are obtain an FHA refinance within two years. You must get your credit score up to at least 595 to refinance, or build up a larger down payment to offset lower credit. If you need help, we can recommend a good credit repair company. To obtain an FHA or VA refinance with a bankruptcy you must be two years beyond the discharge date to refinance, 3 years beyond a foreclosure. You may enter into a lease purchase any time.

Can I make Improvements to the home

Yes, this is your home, you can make improvements and do repairs as long as you are adding to the value of the home. This will increase your equity and may help to get your refinance sooner. You may not reduce the number of bedrooms or do anything that would decrease the value of the home. You may not have work done to the home where a contractor would put a lien on the title. You must pay your contractors when the work is being done.

Divorce

If you are going through a divorce, you should not purchase a home with a conventional mortgage. Your spouse will have half right of ownership until your divorce is final. You may however buy through lease/purchase and refinance after your divorce has finished.

I hope this answers some of your questions and gives you a better understanding of the process. For additional questions, or to speak with me directly please call me at the number above.

May God bless you with His peace,

Respectfully, Mark Kukielski

-God my guide
-Industry my companion