Stay in your home
We want to help you stay in the home you’ve worked so hard for. There are many options available to you. Two of the most popular options available to homeowners are a Land Contract and Lease with Option to Purchase. If you don’t know what these are, don’t worry. We will explain them below in simple terms.
What is a Land Contract?
Simply put, a land contract is a written agreement that provides a type of financing to homeowners. It’s a lot like the mortgage you would normally have between you and your mortgage company, but instead of a bank being involved you have us. Just like a mortgage, a land contract has recurring monthly payments, interest that is tax deductible, and a fixed interest rate that will not change.
Part of the qualification process will determine:
- How much the monthly payments will be.
- What interest rate you will pay.
- How many months the land contract will run before it is paid in full.
- Once the land contract has been fully paid off, the home is yours and the title is signed over. Easy!
How do I know if I qualify for a Land Contract? Ask us!
What is a Lease with Option to Purchase?
A Lease with Option to Purchase is a special kind of contract. It’s a basic lease agreement, – with the option to rebuy your home. This is a great option if you want to stay in your home and to continue to build equity from future home appreciation.
Instead of paying a mortgage, you pay us a monthly rent and have the option to rebuy your home at a fixed price anytime during the lease agreement. As an added bonus, we will payoff the foreclosure balance on the home and catch up any back taxes and liens that are due on your home.
This is by far, the quickest option to save your home. It is also the easiest and least expensive way to qualify for one of our programs. The monthly rent payments may even be cheaper than your mortgage payment was.
How do I know if I qualify for a Lease with Option to Purchase? Ask us!
Benefits of Both Options
| Land Contract | Lease with Option to Purchase |
|---|---|
| Limited qualification process | No credit checks or income verification |
| You retain ownership of the property | Home equity is not required |
| You can refinance without any penalties | No out of pocket fees |
| A down payment may not be required | No “Option Fees” are required |
| No “landlord” permissions are needed for improvements | Faster closings—sometimes only a few days |
| Interest charges may be tax deductible | No homeowner insurance payments |
| Rent payments may be less than your mortgage payment |