McKelvy states: “This program is really great for not only renters but people who do qualify for a home loan. When you buy a home you buy on blind faith hoping the neighbors, neighborhood and schools are to your liking. With this program it’s just like test driving a car, you can test the home before you make a 30-year commitment on a home loan and home.”
Ms. McKelvy goes on to explain that this new program is fairly easy to qualify for and allows renters the opportunity to choose the home they want to lease from any home they qualify for that is currently for sale on the market. Generally this program is good for people who are just a little bit shy of qualifying for a home loan whether that is due to credit score, bankruptcy issues or other issues.
According to McKelvy, “There is a huge need for a program like this especially in the Denver market where rent rates have sky rocketed. This program allows Middle Americans the hope of home ownership without the responsibilities that come with it. It allows people to test the home, allows them to walk away when the lease term is over or to take the necessary steps to qualify for a home loan. Once they qualify they can purchase the home they have chosen or look for another home all together.”
With the lease with the right to buy program people will need a credit score of only 525 or better, bankruptcy is okay if it has been discharged, the combined income of all people that will live in the home must be $50,000 a year or more and no occupant can have a felony (with some exceptions). This program opens the door for many people to rent the home they choose and know that the program will allow them to purchase at a future date. The renters can exercise their right to purchase as early as 60-days. The only cash requirement is two months rents.
For more information, please visit: http://homebuyerpartners.com