Lease With Option To Buy

FHA World Florida - Lease with Option to Buy in Florida

A lease option to purchase is a contract in which a property is rented for a period of time and the renter has the option to purchase the property. The contract should be in writing and state how much the rent is, the time limit for the purchase, the purchase price, if there are any rent credit and any seller paid closing cost.

If a portion of your monthly rental payments are set aside towards the down payment of the property make sure you pay the rent by check and make sure you save the canceled rent checks. To receive credit for your down payment the mortgage company will need proof you paid your rent.

FHA World Florida - Applying for a Loan

When the time comes that you want to buy the property under a lease option to buy you will need to apply for a mortgage.

You will need a minimum credit score of 600 for 3.50% down payment.

What documentation will I need?

• Fully Executed Lease with Option Contract
• W2's for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months for each active account with sufficient reserves (all pages)
• Latest retirement statement for each active account (all pages)
• Residence addresses for past 2 years (if you reside at your current address for less than 2 years)
• Clear copy of Driver’s License
• Clear copy of SS card
• Addresses and loan information of other real estate owned (if any)
• Personal tax returns for the past 2 years.

We look forward to working with you.