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DO YOU HAVE MONEY TO PUT TOWARDS THE PURCHASE OF A HOME?
CAN YOU TAKE TIME TO WORK ON GETTING APPROVED FOR FINANCING?
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IF YES, YOU CAN BUY A HOME NOW WITH A LEASE PURCHASE OPTION!
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For Nearly 20 Years Peninsula Homes Real Estate Has Helped Many People, Just Like You, Become Homeowners. We Can Help You No Matter Where You Live At In The United States.

We Are A Real Estate Company.  We Offer A Service Specifically Created To Assist People That Many Other Realtors May Not Help.

This Brief Video Explains How All Across The Country The Statistics Are Clear. There Is A Particular Group Of Prospective Home Buyers Who Are Consistently Overlooked By Home Sellers, Real Estate Agents, And Home Loan Companies.

These Are People Who Want To Buy A Home, Now. But They Have Some Credit Issues. So They Are Unable To Get Home Finance Approval, Now.

Often They Just Need To Raise Their Credit Score. Or Pay Down Something Like A Credit Card, Auto Loan, Etc. To Lower Their Debt. Or Get Something Negative Paid Off, Or Removed, From The Credit Report. In Any Case They Usually Just Need Some Time To Do It. But, What Typically Happens Is That Realtors, Loan Reps, Etc. Will Say “Call Us Back When It’s Done”. Then Toss Them Aside And Move On To The Next People. And It Never Gets Done.

We Are Willing To Help These Overlooked, And Under Served, Home Buyers. You Can Get The Option To Buy A Home, Now. And Get The Time To Complete The Things The Home Loan Company Is Requiring You To Do!  You Can Do Both With A Lease Purchase Agreement.
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 WHAT IS A LEASE PURCHASE OPTION? This method has been around for years. It has helped many people be able to own their own homes. You can hear it referred to as Rent-To-Own, Lease-To-Own, Lease To Purchase, Option To Purchase, Owner Financed, Lease Option, Rent Option, Lease Option To Buy, Lease Purchase, Purchase Option, etc. They all are used interchangeably. And they can all mean the exact same thing. Or they can be totally different. It all depends on how it is set up, and how it is actually written up, in the agreement itself.

But, by far, the most common method you will see is that the deal typically begins with leasing (renting) the home for a set amount of time. This is called the Lease Period. Then it concludes with an option to buy the home at the end of the Lease Period. This is usually referred to a Exercising The Option To Purchase. The whole purpose is for the buyer to use that time during the Lease Period to take care of whatever the Home Financing Company needs them to do in order to get Loan Approval.
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BENEFITS TO THE HOME BUYER:

• You Are Buying A Home! Yes, The Actual Closing Itself Is Delayed For Pre-Determined Period Of Time. But You Are Getting The Home Now.
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• You Are Not Being Turned Down For Home Financing. You Are Not Being Declined The Loan. You Are Being Told Exactly What You Need To Do To Get Financing Approval. It Is Up To You To Do It!  When You Do, You Will Be Approved!
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• The Home Seller Will Actually Give You The Time You Need To Complete Those Things The Home Finance Company Wants You To Do! In Exchange For This Time, You Agree To Their Asking Price For The Home.
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• You Pay A Portion Of The Down Payment Now. And You Can Choose To Keep Adding Rent Credits To It During The Lease Period So You Will Need Less Money At The Time Of Closing.
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• A Home Warranty Is Provided For You. It Will Help To Take Care Of Possible Repairs That May Occur.
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• Lease Purchases Work In Any Type Of Real Estate Market. And In Every City In The United States.
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• If Things Should Change You Are NOT Obligated To Complete The Closing At The End Of The Lease Period!
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This is a very important key thing to keep in mind when deciding to do a Lease Purchase. The Seller DOES HAVE an absolute obligation to sell the home to you during, or at the end of, the Lease Period. However, the Buyer DOES NOT HAVE an absolute obligation to purchase the home when the Lease Period ends. This could be considered as a huge benefit. Because life happens! Couples split up, a medical situation, family member passes and you inherit another house, a job promotion requires relocating to another state, etc. There can be a variety of reasons.

BUT, you should also keep the other side in mind when deciding to do a Lease Purchase. And that is, unless it was directly their fault, the seller will always be consider the negatively affected party. Their home was off the Real Estate Market for all that time you were leasing it. They missed any opportunity to sell it to someone else. You did not complete the sale. And now they have to go through it all over again. Therefore, with all Lease Purchase Agreements, if the buyer decides not to Exercise The Option at the end of the Lease Period they will loose what ever money they have put up. So this can be looked at as a possible negative. And it is something you need to be aware of upfront.
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These Are The Primary Things To Keep In Mind When Deciding Whether, Or Not, To Do A Lease Purchase Option.
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MISPERCEPTIONS: We also know that there can be a lot of misunderstandings about Lease Purchases. As we previously said they are often referred to by many different names. Which, of course, can create a lot of confusion. Some people may mistakenly think negatively about them. And the main reason is because you will often see them advertised by some questionable real estate investors. Or possibly an inexperienced home seller themselves. They create the deal. They write up all the paperwork. And they do not do it correctly! Which can create the potential for many problems. We have seen some agreements where the people are really just renting the house indefinitely. Or agreements where the Buyer could lose all of their money due to one late payment. Or nothing in place to follow up on if the Buyers are actually doing what the Mortgage Company is requiring to get the Final Loan Approval, etc.

Our Lease Purchase Agreements are designed to eliminate all of this. Our Lease Purchase Agreements are NOT created by some investor. It is NOT created by the owner of the home. Our Lease Purchase Agreements are created by Realtors!  They are intentionally made to be easy to read. And simple to understand. They are written in plain English. And they will help protect from the possibility of any of these things happening to you. The Lease Purchase is equally fair to both the Buyer and the Seller!

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So This Is A Quick General Overview Of A Lease Purchase Arrangement Between Buyer And Seller. Our Company Can Successfully Help You Locate These Houses.  These Are Homes For Sale Which The Owner Has Said Upfront That They Are Willing To Do A Lease Purchase. We All Know That Most People Want Things Now. They Are Not Willing To Wait For Closing. So It Is Understandable That There Will Only Be So Many Lease Purchase Homes To Choose From.

First, Everyone Completes A Home Financing Application, Your Identity, Place Of Employment, And Income, Are All Verified. Your Entire Credit Situation Is Reviewed. This Determines Exactly What Home Price Range You Will Be Eligible For. Then The Finance Company Tells You Exactly What To Do In Order To Get Final Loan Approval. You Decide If You Can Do It! You Decide How Long It Will Take You To Do It. Then We Help You Look For Homes That Match!

So, Just How Do We Put All Of This Together:

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HOW DOES OUR LEASE PURCHASE WORK? It is important to keep in mind that our ultimate goal is to get you approved for Home Financing. Everything in our Lease Purchase Agreements is set up to help make that happen! It is actually two separate agreements:

1) Option To Buy Residential Home Agreement.
2) Residential Home Lease Agreement

We should also note the correct terms. In the Option Agreement the Seller is called the Optionor. The Buyer is the Optionee. And in the Lease Agreement it is not Landlord and Tenant. The Homeowner is the Lessor. And you are the Lessee.

Again, the whole objective is for your to move into the house right away. And then begin working on improving the credit report, raising the credit score, paying things off, etc. The Mortgage Company will tell you exactly what you need to do. And can provide assistance to help you do it. Therefore, the very first thing you will do is speak with them!

We work with one of the best home finance companies in the country. Their name is Carrington Mortgage. They approve people that other companies can’t. They have programs where you only need a 550 credit score. And they will show you how to get it.

You will do a Fast, Free, No Obligation, Home Finance Application with them. It will let you know your maximum home price range, an estimate of the monthly payments, and estimate of how much money that may be needed, etc. They will look at your credit situation, verify your identity, and verify your income. Then they will tell you exactly what you need to do to get Final Approval.

Then you decide how long it will take you to complete it. And this will be your Lease Period.

Then you will go look at homes that match what the company says you are eligible for. And the seller has said, upfront, that they are willing to do a Lease Purchase.

In most cases it will be the seller who will be showing you the house. They will already know that you have spoken to the financing company, completed the application, and are eligible for the home. You will already know the price. And you will already know the monthly lease payment amount. Therefore there is no need to negotiate, or discuss anything, at all. You are only there to see the home. Then decide if you like it, or not.

Once you have decided that you do like the home. And you want to do a Lease Purchase Option then you simply need to contact us after you have seen the house. There will be some money required up front:

1. OPTION FEE
   In a Rent To Own, or Lease Purchase, Agreement, the potential buyer is actually purchasing the legal rights to have the option to buy the home. This is a, non refundable, Option Fee. This is what gives the exclusive, irrevocable, obligation for them to sell the house to you at some point in the future. You are purchasing the absolute obligation for the owner to sell to you at a set price. The owner can not sell to anyone else. They can not change the price. They can not do anything that will effect the deed, etc. However you do not have the absolute obligation to buy. You are legally requiring the seller to put everything on hold. And wait for you until the end of the Lease Period when you will be able to Close on the home.
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2. DOWN PAYMENT
   A portion of the down payment that will be needed at Closing is typically required. The amount is negotiable. However, it is easy to see how the owner of the house is usually in control. There are always much more people interested in Lease Purchases then there are available homes. Therefore they can just move on to the next person. But the down payment is something that can be a huge benefit for the buyer. Because the more you do now. The less you will need at Closing. The owner holds this money as security. Then it is transfer to the company who will be doing the Closing after you receive your Final Approval and purchase the home. Plus, since they are holding this money, there is no Security Deposit required for the Lease. However, it is important to keep in mind what was discussed earlier. The seller has taking the home off the market. They have been waiting on you. They have missed opportunities to sell to anyone else. Therefore if you fail to Purchase and Close, and it is not their fault, then they can declare the down payment forfeited and keep it.
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3. FIRST MONTH RENT
   Just like with any other rental agreement you will need to pay the initial first month lease at the time you actually take possession, get the keys, and move in to the home. And, again there is no additional Security Deposit required since you have put up an amount towards the down payment for them to hold.
   

The Option Fee, and the Down Payment, are made to our company. The First Month Rent is given directly to the Owner at the time you receive the keys. There is a Home Move-In Checklist that you will complete at the time you move in. We do not transfer the Down Payment over to the Seller until AFTER you let us know that you have the keys and everything is acceptable.

You can make your payment with confidence! Payments are processed by PayPal. We chose them because they are the number one, and most trusted, payment system on the internet. And the easiest to use. We will send it by secured email. Everyone can simply click the link and make the payment with a credit, or debit, card. You do not even need a PayPal account!

OR, if you prefer, you can do it in person. You can walk in to any Wells Fargo Branch and make the payment that way.
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HERE ARE SOME OTHER KEY THINGS TO KEEP IN MIND:
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PURCHASE PRICE The Option To Purchase Agreement will set the Purchase Price of the home. Again, there are always much more people interested in Lease Purchases then there are homes available. Plus the seller is agreeing to wait many months for the Closing to happen. And taking a risk that it may not happen at all. So, because of these reasons they typically will get their full asking price for the home. We check to make sure it is correct compared to the price of other homes with similar features. What can be a benefit to you is that no matter how much the home may increase in value the seller can not raise the price later. However, when you exercise the Option To Purchase then the actual Home Purchase Agreement will be completed at that time. All of the terms in that agreement will apply including the Appraisal Contingency. It basically says that if the home’s value does not equal the Purchase Price then you and seller will re-negotiate. So there may be an opportunity for you to lower the price, at that time, if this happens.
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INSURANCE You will be required to obtain, and maintain, a Renters Insurance Policy during the Lease Period. This is something that will protect you. And your belongings. You will need to provide proof of Renters Insurance to the Seller before taking possession of, and moving in to, the home. You will shop, and get estimates for, Renters Insurance the same way you look for Auto Insurance. In fact, many people are able to get deals with the same company that they already have their car insurance with.

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RENT CREDITS Always keep in mind that our ultimate goal is to get you approved for Home Financing. For this reason the monthly Lease Payments (Rent) is the minimum amount due. The objective is to make the payments as low as possible. Because there may be other things on your credit that the Mortgage Company is requiring to be paid down. Or completely paid off.  However, you always have an option to make Lease Payments in excess of the minimum amount due whenever you choose to. These excess payments will be held by the Owner and applied as Rent Credits when the Option to Purchase is Exercised. These will be additional credits, on your behalf, to be applied at Closing. These payments will be separate from the regular Lease Payments. And you should clearly identify them as Rent Credits. You want to keep a record of the total amount you have paid.

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MAINTENANCE Remember, this is not the same as a regular place you are renting. This is not an Apartment Complex. You are intending to buy this home at the end of the Lease Period. There is no rental office to call. You are accepting many of the responsibilities of home ownership. You will care for this house as if it were your own home. Because very soon it will be!

Except in the case of legitimate emergencies, the Lessor/Owner will not be the first point of contact. This means you will be responsible for much of the routine maintenance, and repair issues, that may occur.

To help make this much easier for you, a Home Warranty Plan has been put in place to cover the expenses of possible repairs and/or replacement of major mechanical systems, and appliances. The information regarding this plan will be provide to you BEFORE you move in. Make sure to check with the Seller to get all the information you will need.
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HOMEOWNERS ASSOCIATION You will need to confirm with the Seller whether, or not, the home is located in an HOA Community. If it is a Condo, or Townhouse, then it is likely that it will be in an HOA. You will need to get a copy of all the HOA Rules. As well as the benefits. Security, Fitness Room, Pool, etc. They may have a website you can visit. Depending on The Association, they could have many rules. Therefore, you want to know what they are, and determine if this is somewhere that you want to live BEFORE agreeing to a Lease Purchase. Then you need to know whether you, or the Seller, will be responsible for the HOA Dues.
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MAKING THE PAYMENT TO BUY THE HOME First you speak with the Home Finance Company. Then determine if you will be able to do what they require. Then you will go see the Lease Purchase Home. You will know the Price, the Monthly Lease Payments, the Option Fee, the Down Payment, etc. You will know everything upfront! Then you will decide if you want the home. If you do, then you will do a quick Move-In Inspection Checklist.

Then you will notify us that you want to do the Lease Purchase. We will send you the Option To Purchase Agreement and The Residential Home Lease Agreement. You will take your time to read over them. Review everything. And ask any questions. The Option To Purchase Agreement is required to be Notarized. Therefore, DO NOT SIGN anything! Just read them. Any make sure everything is acceptable to you.

First make sure you are in agreement with everything! Then you will make your payment! You will need to pay the Option Fee and the Down Payment at this time. We have tried to make this as convenient as possible for you. There are two secure options:
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1) Peninsula Homes Real Estate maintains an account with Wells Fargo Bank. You can go to any branch and make your payment. We will send you the account number. Make sure to keep a copy of the Deposit Receipt.
You will need to provide this to the owner when the Lease Purchase Agreements are signed and notarized.
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2) You can make your payment online. The Number #1, Recognized, Trusted, and Secure, Online Payment Processor is PayPal. We chose them for this reason. You DO NOT need a PayPal account. Just make your
Credit or Debit Card payment. Let us know this is what you prefer. We will email the Payment Link to you. .
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You are ONLY making a payment for the Option Fee and the Down Payment on the home at this time. You will make the first month’s Lease Payment directly to the Seller at the time the agreements are signed, notarized, and you get the keys
to the home.
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FINALIZING THE LEASE PURCHASE AGREEMENT You Have Done The Application With The Home Finance Company. You Know That You Will Be Able To Do What They Are Requiring. You Have Seen The House. You Know Exactly What Everything Will Cost. You Have Decided That You Want It. You Did The Move-In Checklist. You Read Over The Lease Purchase Agreements. And You Have Deposited The Money For The Option Fee And The Down Payment. Now It Is Time To Sign The Agreements, Pay For The First Month, Get The Keys, And Move In!
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You and the Seller will meet to sign, and notarized, the Lease Purchase Agreements. Notary’s are not hard to find. You can just Google them for your local zip code. Or, you can simply go back to Wells Fargo. Every branch should have a Notary. We do recommend that you call ahead and speak with them. You want to make sure that they will be there at the time you, and the Seller, arrive. If either of you happen to be a Wells Fargo customer, the notary should be a courtesy to you at no charge.

This is just a suggestion to try and make this convenient for you. And, maybe you can get it notarized for free. However, you can go anywhere you chose to. If you bank somewhere else other than Wells Fargo then they should also have a notary! Keep in mind that ONLY the Option To Purchase Agreement needs to be notarized. The Residential Lease Agreement DOES NOT. However, it is easier to just wait and sign them both at the same time.

We also suggest that, after you leave the signing, you go to have the notarized Option To Purchase Agreement recorded at the City, or County, Courthouse where the home is located in. This will give you added protection. Because you will be notified if the seller attempts to sell the house to someone else, tries to get another loan on it, or anything that will effect the Deed.

It is important to keep in mind that you will need to provide a copy of the receipt for the Option Fee and Down Payment, to the Seller, at this time. You must have this with you when you meet with the Seller to sign the Agreements.

Now you will need to pay the first month Lease Payment directly to the Seller. Many Sellers will not accept personal checks. The Lease Payment should be made by Money Order, Cash, or Certified Check from your bank.

Also, many Lease Purchase Sellers use a secure online service for the monthly Lease Payments. It may not be a requirement. But it can be very convenient for you. You can choose to make a one time payment. Set up recurring monthly payments. Make Rent Credit Payments whenever you choose, etc. Visit Cozy Services to learn more.

Finally, you will receive the keys to the home at this time. Remember you may need more than just the keys. So make sure if you will need any gate codes, security system, garage door opener, pool pass, fitness room access, etc.

Now You Are Free To Start Moving In To Your Home!

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FINAL APPROVAL It is important to understand that the Option To Purchase Agreement buys you the legal, exclusive, and irrevocable, rights to purchase the home. However it is not the actual Purchase Agreement itself.

During the months that past by during the Lease Period you would have been working on those things that the Mortgage Company needed you to do. Now you have completed them.

You are going to let them know this and they will rerun, and update, your application. They will re-check your credit, probably need to re-verify income, etc. Then they will let you know that it is ready to be submitted for the official home loan. This is the news that you want to hear!

The Mortgage Company will notify you when it is Approved! Then you will send a written notification to the owner of your intent to Exercise The Option To Purchase.

Then, at that time, the two of you will do the actual Purchase Agreement to complete the sale of the home. If you prefer you can get an experience real estate agent in your local area to assist you with everything.

The Purchase Price, and Date Of Closing, were already agreed upon in the Option To Purchase Agreement. However, all of the other terms contained in that Purchase Agreement itself shall apply to the transaction. Including the Home Appraisal Contingency.

Once you have done everything the Mortgage Company needed you to do. And you have given the written notification of intent to Exercise The Option To Purchase to the Seller. And the Purchase Agreement has been entered in to. Then you have fulfilled your obligations.

Now all the money that was being held by the Seller will be transferred over to the Attorney, or Settlement Company, who will be performing the Closing on the home. That is the Down Payment you made. And any Rent Credits that you have made during the Lease Period.

All Of This Will Happen At The End Of the Lease Period. This Is After You Get Final Loan Approval. And When You Are Ready To Close On The Home. You Can Contact Us. We Can Recommend A Realtor In Your Area That Will Help You With Everything!
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We Are Frequently Asked What Are The Forms Required With Our Lease Purchases. This Video Provides A Brief Overview. And An Explanation For Each Paragraph In The Agreements Themselves. You Can Download Them Now. Move-In Checklist, Option To Purchase,  Lease. You Will Be Able To Follow Along With The Video.
This Will Make Everything Much Easier When You Find A Home That You Like..

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SUMMARY Rent To Own, Lease Purchases, have been around for years. It can be the perfect solution for someone who can not get approved for a Home Loan because they know that they have some things they need to fix. But they have the money to put down.

They key is finding someone selling a home that is willing to allow you to lease it while you take care of those things. We know most people want everything now. So, usually, there are only certain house to choose from.

What our company does is constantly try to find people who are selling a house. And then educate them about the benefits of Lease Purchases. If they are willing to do It, then it can help get their house Sold. Once they say yes, we will advertise the house as Rent To Own. Most likely that is how you found us! You seen one of those ads and then were directed to this website.

We understand that you may really be interested in learning more about this specific home. And we have provided information directly in the ad. However, all Lease Purchase Sellers require that potential buyers speak with a Home Financing Company FIRST. They want to know for certain that the person will qualify for the home. And know how much money they will need. BEFORE they will show the house to them. Plus, it is not unusual for people to find out that their credit is not nearly as bad as they think it is.
You may can get approved for financing right now!

So the very first thing you need to do to get started is contact Carrington Mortgage. You can do this online. And you can do it right now. It is a Free, No Obligation, Home Finance Application. This is necessary to learn what all of your options are. The home price range. What programs you may be eligible for. And exactly what you need to do in order to be Approved.

Once you know everything, then you determine if you can do it. And how long it will take you to do it. Then you contact us!

Let us know what Carrington told you. How much you are able to put down. We will then find Lease Purchase Homes that match the price range Carrington says you are eligible for.

You will know the price of the home. And the monthly Lease Payment amount. You will know everything BEFORE you go to look at the home. So there is no need for you, and the Seller, to talk about any of that. This makes it much easier, and less stressful, for you. Because you ONLY need to decide if you like the home, or not.

Then get back with us and let us know if you want to do the Lease Purchase. We will send you the agreements to review to make sure everything is acceptable. You can actually download the blank agreements to read over them now. Then you will be familiar with them when the time comes to actually make the deal: Move-In Checklist  Option To Purchase  Lease Agreement.
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THANK YOU For Visiting Our Website. We Did Not Intend For This To Be A Long Page. But We Needed To Make The Effort To Explain Everything That You Need To Know About Our Lease Purchase Options.

Please Bookmark This Page Now. When You Have The Time, It Will Be Very Helpful To Read Through The Information Again. If You Have Any Questions That Were Not Answered Here Just Submit Them Below.

We Understand That Most People Already Know That This Is A Huge Opportunity! It Is About Much More Than Just Buying A House. It Is About Taking A Step Forward. It Is About Moving Ahead In Your Life!

For Many People, Their Credit Keeps Them Down. It Prevents Them From Getting The Things That They Really Want. And Moving Up In Life.

WITH A LEASE PURCHASE YOU CAN REPAIR YOUR CREDIT, AND BUY A HOME, AT THE SAME TIME!

You Will Know, Step By Step, Exactly What You Need To Do! And You Decide Just How Much Time You Will Need To Do It! And You Can Get The Home Now!

If You Know You Can Not Get Financing Approval Now, Then This Is The Best Opportunity For You To Own A Home!

THE SOONER YOU GET STARTED, THE SOONER YOU WILL BE MOVING IN TO YOUR NEW HOME. JUST
LET US KNOW HOW MUCH YOU HAVE AVAILABLE. AND WE WILL TRY OUR BEST TO WORK WITH YOU!

 

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Please Take Your Time. Read The Entire Page.
Then Contact Us To Get Everything Started.
Your Information Is Kept Strictly Confidential.

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PENINSULA HOMES REAL ESTATE
809 Aberdeen Rd Ste. 9001 Hampton VA 23670
24hr Line: 757-932-0004  Fax: 757-299-9900
“WE HELP PEOPLE OWN THEIR OWN HOMES WITH LEASE PURCHASES”