Lease to own homes without putting 10% down??

You may not need as big a down payment as you think to buy a home on your own. You could qualify for an FHA 3 1/2% down mortgage. Look into that.

Please stay far away from this type of situation, unless you hire an attorney to represent you. There are so many things that can go wrong in this situation. Just a few examples: the landlord could stop making payments on the home, turning it into a foreclosure, the property could become embroiled in a lawsuit between 3rd parties, the landlord could die and his heirs refuse to recognize your lease to own, which by the way would have an attorney to have recorded it properly at the court house. I know you want a home, as a Realtor, I advise you to talk with a trusted bank's mortgage department to see what you need to do to purchase a home. They can give you a program to follow that decreases your debt, improve your credit score, etc. Once you solve your problems, you will most importantly, have peace of mind and secondly, you can qualify for an FHA 3 1/2% down mortgage. Did you know with good credit some banks are paying $4500 in closing costs and no PMI mortgage costs. There are so many ways to purchase through a trusted mortgage company, when you have good credit. Check it out! If you have made bad decisions, that affected your credit, you are in the boat with many people. Start now to change your future. Increase your income with a second job to pay down your debt. Is your income stuck? Register at a 2 year college to get a career that allows you to increase your income. Use that 10% you were going to pay down, to get on the road to a trusted secure home complete with title insurance, all recorded in your name. Shortcuts only work when driving.

Hi Solario,

Depending on the landlord/owner, doing a lease to own you may only be required to put down the typical 1 month lease as a security deposit and then a portion of your lease amount goes to the purchase of the home. Just know, in this market, the lease to own homes are few and far between.

A second option is for you to do a straight lease and on your own sock money away over the year so that you then have 10% you can use to buy a home. Typically, it is 20% down but there are programs in Houston that help home buyers with down payment assistance.

I would love to work with you to help you find a home.

Michael Jobin
C&K Properties
713.545.2314
MJobin@Jobee.com