Lease With The Right To Purchase

 

SUMMARY

Team Fosgate has partnered with Berry-Rock Homes, your gateway into a mortgage. This partnership allows you to lease the home you want to own while working on becoming mortgage eligible. It is for people that are ready to be homeowners but due to an issue cannot qualify at the moment. Maybe the issue is credit score, a recent divorce, or self-employed income verification. Regardless, Berry-Rock will purchase the home that you want to own, then lease it to you until you are ready to purchase the home back from them. You can exercise your right to purchase at any time.

 

 DETAILS 

  • Choose any home on the market

  • Can renew the lease for as long as it takes you to become mortgage eligible, meaning no min or max program length

  • Lease rate increases by 3% every 2nd year

  • Right To Purchase is indefinite and exercisable at any time as long as the lease is not in default.

  • Right To Purchase price is original home price plus 2% if purchased within 6 months, 4% if purchased within 1 year, and 6% if purchased anytime after a year

  • 7% of the purchase price is required as Option Consideration, which transfers with you when you purchase the property and can be used as the downpayment for your new mortgage

  • .1% of the purchase price is credited from your monthly payment, if payment is made on time, to reduce the buyback price

 

Call, text, or email us today to find out more about this innovative new program.