2022 Rent to Own & Lease with Option to Buy home purchase program!
Compare the best Rent-to-Own Option Programs available for 2022! Mid Florida Realty and Florida Down Payment Assistance are the only companies in Florida that offers unique Lease-to-Own or Rent-to-Own programs with a wide assortment of First Time Home Buyer Special Financing Down Payment Assistance Mortgage programs.
You can use either program below to actually begin to purchase the property when you're ready to lock in a house at today's prices, and then use one of the Florida Down Payment Assistance programs when you're ready to purchase and finance the home into your name!
Are you trying to purchase a home in Florida but can't get a Seller Accepted Offer because of all the "Cash" or Conventional offers the Sellers are getting and you're left out?
We have multiple Home Ownership solutions that provide you the ability to lease-purchase a home for you and your family, not waste time, risk money and personal frustration trying to purchase a home while fighting all the "Cash" or very high Earnest Money Deposit Offers that don't allow important protective Contingencies like your Buyers Financing, Appraisal or Inspection Contingencies!
Our passion is helping people get into great, safe homes as inexpensively as possible without unforeseen costs.
Our typical Rent-to-Own a Home Buyer has questions and looks for true answers like those below.
Problems Home Buyers find that prevent them from purchasing a home.
- In recent years, we've seen a lot of good people that just can't get FHA, VA or USDA loans accepted by Sellers' and their Listing Agents. Unfortunately, the Lending and Real Estate industry doesn't see this major problem subsiding for at least 2+ years, maybe more, no one knows. Compounding the available Housing Inventory Supply problem, is most of the larger Florida Metro areas and homes are appreciating at a staggering rate of 20% year over year. This is fantastic for the people that purchased homes 3 or more years ago, but a terrible fact of reality for people that want to purchase homes right now. This means that if a home cost $250,000 this year, twelve months later, it will likely be priced at or near $300,000.
- Why not lock your house in at today's price before you can't qualify to purchase the home you want?
- In today's market, especially in Florida, Sellers only want "Cash" offers or VERY risky high Earnest Money Deposits Offers with no Buyer Contingencies on Conventional loans. In Florida, many of the Earnest Money Deposits are between 10%-20% of the purchase price with no Buyer protection Contract Offer Contingencies.
- In today's Florida Real Estate market, Conventional loans today generally require over a 720 middle 5-4-2 FICO (Fair Isaacs Company) credit score with at least 5% Down Payment with the Offer. Example 5% of $250,000 equals $12,500 + approximately $11,000 in Buyer paid Loan Closing Costs. That's approximately at least $23,500 that people are using as Earnest Money Deposits to get the Offer is accepted.
- Sometimes our Lease-to-Own Buyers have credit issues that take from 6-24 months to rehabilitate or Expunge on their FICO Mortgage 5-4-2 credit reports.
- People that have recently started working from home and want a bigger house, probably need a lot more time to build up cash reserves like the above examples. With Program #1 you only need 2-months security deposit and 1 months rent, you're Not risking $20,000 or more of your Earnest Money Deposit (EMD)!
- Since everyone is at different life and career stages, some potential Buyers who are moving from other States aren't sure what part of Florida would be the best place for them to live.
- Rent-to-Own Program #1 is a way of "Trying before you Buy".
- Program # 2 requires that you follow through with your purchase, preferably in the first 30-Days after the Investor purchases the property for you.
- In this Seller's market, even using our special financing Down Payment Assistance programs, people still don't have enough cash reserve money to use as the Earnest Money deposit to successfully go through the frustrating Offer Acceptance process.
- Please understand that when you use a Florida down payment assistance program, the DPA money is disbursed at Closing, NOT when you submit your Purchase Offer to the Seller.
- Many times, today's Buyers are First Time Home Buyers that can't compete with Cash offers, or even worse risk losing very high Earnest Money Deposits because they have to waive very important Buyer Real Estate Contract protections to successfully compete against 5 or more Cash or Conventional Offers that always include very high Earnest Money Deposits without protective Buyer Contingencies in the Purchase Offers.
- Some of these important Contract Offer (Buyer) protections are Appraisal Contingencies, Inspection Contingencies, and/or Financing Contingencies. Most people can't take the chance of a Loan being declined for an unforeseen multitude of reasons causing them to lose their Earnest Money Deposit. Sometimes the reason(s) a mortgage loan is declined is unknown to the Loan Officer trying to Originate a loan, much less the Buyer who makes some wrong assumptions. Then it's too late in the Process and they lose their substantial Earnest Money Deposit. This really can and does happen!
- Many times, Buyers can't pay for their own mortgage loan Closing Costs, much less pay the Sellers Closing Costs on routinely very competitive offer situations.
- Below are our "tried and true" simple Home Purchase Solutions to the potentially complex problems above.