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Lease Purchase Option
In today’s housing market we understand that not everyone is able to purchase a home. In fact, because of the rising demand on the rental market, there are now communities being constructed to address the Atlanta housing shortage. Those communities are referred to as “BTR” housing communities. BTR stands for Built To Rent. Although renters that choose this housing option are able to live in newly constructed homes, the downside is the rental rates will range between $2,500.00 up to $7,500.00 per month depending on where the home is located, plus you will never own the home.
At Angelfish we are giving Atlanta renters another choice. Our Lease Purchase Option program allows the tenant to live in a modern luxury home while saving up the required down payment. This will allow them to convert their lease into an eventual mortgage on the same house. Best of all, our Down Payment Assistance Program gives the tenant an opportunity to accumulate monthly lease credits by making on-time payments. These lease credits can be use to offset the eventual down payment requirement at the end of the lease term, and will be applied to the overall down payment.
Important facts to know about The Angelfish Lease Purchase Option Program
Most homes will qualify for this program.
The Lease Purchase Agreement will not include the eventual Sales Price of the Home.
The Sale Price of the home will be established at the end of the lease purchase term and will be determined by Angelfish.
All Lease Purchase Options require an Upfront Non-refundable Lease Option Payment which allows the tenant to lease the house and purchase it at a later date.
The Lease Option Payment is not applied to the eventual down payment. It is the fee charged to the tenant which allows them to eventually purchase the home at the end of the Lease Purchase Agreement.
The accumulation of lease credits can only be used to offset the down payment amount paid by the buyer at the time of purchase and requires on-time monthly payments to receive the credits.
The Lease Option Payment will be determined by Angelfish and will be based on the pre-accessed value of the home at the time of the Lease Purchase Agreement initiation.
Lease Purchase Options are Short Term and will only be offered for a maximum of 48 months. After which, the tenant must convert to a home mortgage or lose any accumulated lease credits.
The Tenant’s Loan approval will be guaranteed at the end to their Lease Option Term as long as they are in good standing and have made on-time lease payments.
In order to convert from a Lease Purchase to a Mortgage Loan, the entire down payment must be satisfied at the time of closing.
The Tenant is responsible for all home maintenance and repairs during the entire lease term unless otherwise specified in writing by Angelfish.