Call Dee Hawkins at 972-464-7383
Your professional real estate agent.
A member for the Selector Group Family of Real Estate Services. Serving Dallas Fort Worth Since 1959.
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Call Dee Hawkins at 972-464-7383 A member for the Selector Group Family of Real Estate Services. Serving Dallas Fort Worth Since 1959. |
New Homes in the Dallas Fort Worth Area.
We offer a complete assistance package- lease
to own to build your own.
Have you been putting off your dream of homeownership
because you need more time to save a downpayment
and improve your credit? Now is your chance
to lease-to-own the new home of your choice
while you get help to prepare you to become
the homeowner. This program helps you to
improve your credit so you will qualify to
own your home after the 18 month lease period.
Credit Counselors will provide you the assistance
you need so you can qualify to assume the
home loan and become the homeowner at the
end of your lease.
| Home | Leasing Homes-Condos See our local choices |
Lease to Own Learn More-View our samples |
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Credit Problems will not keep you down! |
Facts and Information. While you are living in your apartment you will be going through |
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Facts and Information General Questions About Lease-To-Own How does Lease-To-Own work? Is Lease-To-Own right for me? What are the benefits of Lease-To-Own? Will I save money with Lease-To-Own vs renting? How much will my monthly lease payment cost? What costs are covered in my lease payment? How long do I lease the home before I become the homeowner? How do I become the homeowner at the end of my lease? Questions About Applying For Lease-To-Own How do I apply for Lease-To-Own? How much does it cost to apply? What do I get for my application fee? Do I have to pay a downpayment? What if I am currently renting, and my lease doesn't expire soon? If I currently own a home or other property, can I still qualify? How do I know if I will qualify for Lease-To-Own? If I have a low credit score can I still qualify? How much income do I have to earn to qualify? Can I use section 8 vouchers or other government assistance to make my lease payment? Will I qualify if I've had a bankruptcy or foreclosure? Will I qualify if I have unpaid collections or civil judgments? Will I qualify if I have a lot of debt? Will I qualify if I have an unpaid tax lien? Will I qualify if I've had an automobile repossession? Do I have to take a home buyers education course or credit counseling to qualify? Questions About Lease-To-Own Homes What homes are eligible? Where are the homes located? How will I find the right home for me? Can I get a tax deduction during my lease period? Can I use my own real estate agent? What if I find a new home I want, but the builder is not participating in the LTO program? What if the house needs repairs while I am leasing? Do I have to pay for home insurance and property taxes? |
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New Home Services and Lease to Own services require buyer or renter to quailify under the various programs we offer. We will work to help you reach your goal of home ownership.
General information- not meant to be legal advice. Feel free to ask more and get us started helping you find you new home.
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Q: How does Lease-To-Own work? A: There are 4 main steps to Lease-To-Own: 1. Apply, 2. Choose a home, 3. Sign your 18-month lease and move in, and sign the option to purchase, 4. Assume the loan and become the homeowner. Visit our page called "How Does LTO Work?" to learn more. Back To Top Q: Is Lease-To-Own right for me? A: If you are currently a renter, chances are, lease-to-own is an excellent choice for you. Visit our page called "Is LTO Right For Me" to learn more. Back To Top Q: What are the benefits of Lease-To-Own? A: Lease-to-own offers many benefits over renting. The most obvious benefit is the chance to escape the rent race and achieve the dream of homeownership. To see other benefits, visit our page called "Is LTO Right For Me" to learn more. Back To Top Q: Will I save money with Lease-To-Own vs renting? A: Within just a year or two after beginning the lease-to-own program, your typical savings may be significant. Check out this comparison chart to see for yourself. Back To Top Q: How much will my monthly lease payments cost? A: The amount you will pay during the 18-month lease period depends on the fair market rent of your area. After you assume our loan the amount of your mortgage payment will vary depending on the price of the home you choose, the interest rate, the property taxes assessed to the home, the cost of hazard insurance, and any additional fees such as homeowner association dues. Only after you apply and choose a home, can your counselor give you an accurate estimate of your lease payment. Below are some estimated ranges of the lease payments for this program: Home Price Lease EstimateMortgage Estimate (PITI*) Before Assumption After Assumption $100,000$1,390 - $1,620 per monthApprox. $1,226 per month $125,000$1,790 - $1,985 per monthApprox. $1,533 per month $150,000$2,090 - $2,350 per monthApprox. $1,839 per month $200,000$2,790 - $3,090 per monthApprox. $2,452 per month $250,000$3,390 - $3,925 per monthApprox. $3,065 per month $300,000$3,995 - $4,560 per monthApprox. $3,678 per month Because this is a homeownership program, you should be looking at the savings you will get over a period of years, not months. Check out this comparison to see how significant your savings can be within just a few years. *All figures in the chart above are estimates. This does not constitute an official "Good Faith Estimate". Mortgage estimate includes estimated principal, interest, taxes and insurance for first and second mortgage. Second mortgage has a balloon payment at end of 15th year. Read this FAQ to get more information about property taxes and insurance costs. Back To Top Q: What costs are covered in my lease payment before assumption? A: Your monthly payment during the lease period will include: Professional Property Management Lease Servicing Monthly ScoreManager credit management Monthly Installment into a Borrowers Savings Account, paid as a security deposit. If you qualify to assume the loan, these funds are used to pay for assumption costs, including: prepaid taxes, insurance, and assumption fees. Because you do not own the home during the lease period, you do not pay for real estate property taxes, homeowner's insurance, or homeowners association dues. However; you will be responsible for obtaining a renters insurance policy to cover your belongings and your liability. Back To Top Q: How long do I lease the home before I become the homeowner? A: The lease period is 18 months or less depending on your credit status. You may assume our loan early if you meet the qualifying guidelines. Or, at the end of the 18 months, you have the option to assume the loan and become the homeowner, if you are qualified. Assuming the loan is an incredible opportunity for you. That's because when you assume the loan, you stand to benefit from the increase in value that has accumulated with the home's appreciation, if any. Back To Top Q: How do I become the homeowner at the end of my lease? A: To become the homeowner, you must qualify to "assume" the mortgage. Qualifying is a 2 step process that requires that you; 1) abide by all the terms of the lease, and 2) financially qualify to assume the mortgage. "Assuming" the mortgage is a process whereby you take over the mortgage payments (and all other homeownership costs) from the home's current owner. Think of it as getting the home and the mortgage "signed-over" to you. In order to qualify to assume the mortgage, you must meet certain criteria, including making all your lease payments on time, and working diligently to improve your credit with the help of our ScoreManager program. Other conditions apply. You will be responsible for certain assumption fees, some of which may be covered by your monthly security deposit. If you are unable to qualify to assume the loan at the end of the lease period, the Program Issuer, in it's sole discretion, may extend the lease to you or another qualified lessee/tenant. Back To Top Q: How do I apply for Lease-To-Own? A: There are 3 ways to apply: 1. Apply Online 2. Apply over the phone at 214-722-5800 or 800-362-6101 3. Apply by US mail by downloading the application form PDF You can pay for the application fee using a credit card, or you may mail us a check or money order. Back To Top Q: How much does it cost to apply? A: The cost to apply is $19.95. Back To Top Q: What do I get for my application fee? A: When you submit your paid application, a professional counselor will personally review your application and contact you to inform you of your qualification status within 1-4 weeks. It's important to understand that although thousands of families will apply for this special program, less than 1,000 will qualify. For this reason, your application fee is non-refundable. Applicants will be qualified on a first-come, first-served basis, so apply now. Back To Top Q: Do I have to pay a downpayment? A: No. You do not have to pay a downpayment. If you apply and are approved for the program, you will be asked to pay a program fee (an amount not to exceed one monthly lease payment) and your first month's lease payment prior to moving in to your new home. Back To Top Q: What if I am currently renting, and my lease doesn't expire soon? A: If your current lease agreement expires in the next 12 months or less, you should apply now for the lease-to-own program. That's because funds for this program are limited and all applicants will be approved on a first-come, first-served basis. By applying now, you can ensure funds will be available for you when your current lease expires. And we can work with you and the builder to schedule the construction of your home so that it will be ready when you are. In addition to securing funds, applying now will give you the benefit of a head-start in preparing for homeownership by taking advantage of your ScoreManager enrollment. Back To Top Q: If I currently own a home or other property, can I still qualify? A: You can still qualify if you own a home and plan to sell it prior to signing your lease agreement. If you plan to sell your home, you should apply now for the lease-to-own program. You may own other undeveloped land (ie: land without a home on it); however, you can not own another home when you enter the lease agreement. Back To Top Q: How do I know if I will qualify for Lease-To-Own? A: It is generally easier to qualify for lease-to-own than applying for a typical home purchase mortgage. That's because there is no downpayment and it's OK to have a few bumps and bruises on your credit. The only way you can find out for certain if you qualify is to apply. But before applying, you should ask yourself the questions listed here. Back To Top Q: If I have a low credit score can I still qualify? A: There is no minimum credit score required to qualify for this program. However, there are other minimum credit requirements. To determine if you should apply for lease-to-own, you should ask yourself the questions listed here. Back To Top Q: How much income do I have to earn to qualify? A: While there is no minimum or maximum income required for this program, there are limitations to the amount of debt you can carry. In most cases, this program will be appropriate for those earning $50,000 or more household income. Income can come from all persons who are signing the lease agreement, as well as boarder income, if it comes from a family member living in the home. Although no minimum time on the job is required, income must be stable and durable. Income may be full-time, part-time or self-employed. All income must be documentable. To determine if you should apply for lease-to-own, you should ask yourself the questions listed here. Back To Top Q: Can I use section 8 vouchers or other assistance to make my lease payment? A: No. Section 8 vouchers cannot be counted as part of your income, nor can they be used to make all or part of the monthly lease payment. Social Security, pension, disability and/or family support payments can be counted as part of your income under certain circumstances, so long as the payments are reasonably expected to continue for at least 3 years. To determine if you should apply for lease-to-own, you should ask yourself the questions listed here. Back To Top Q: Will I qualify if I've had a bankruptcy or foreclosure? A: If the foreclosure or bankruptcy was discharged over 3 years ago, and you have re-established good credit habits since then, you may still qualify. To determine if you should apply for lease-to-own, you should ask yourself the questions listed here. Back To Top Q: Will I qualify if I have unpaid collections or civil judgments? A: If the collections and/or civil judgments are reported in error, you can dispute them with the help of your ScoreManager enrollment. If you can pay-off the collections and civil judgments prior to signing your lease agreement, (or resolve them with a legitimate dispute process), you may still qualify. Furthermore, you may also choose to establish a written debt repayment plan to pay-off the debt in installments over time. When you setup a debt repayment plan in writing, you may qualify to lease-to-own even while you are still repaying your past debts. Certain collection accounts can be disregarded, and therefore not affect your qualification status. Collection accounts that are more than 2 years old AND in an amount less than $500 may be disregarded. Medical collections may be overlooked on a case-by-case basis. To determine if you should apply for lease-to-own, you should ask yourself the questions listed here. Back To Top Q: Will I qualify if I have a lot of debt? A: This depends on your total monthly income and total monthly debt payments - in other words, your Debt-To-Income Ratio (DTI). To qualify for this program, your total monthly debt payments and anticipated lease-to-own payment must not exceed 45% of your total monthly income (45% DTI). To determine this, you should add the monthly payments on your existing debt such as car payments, minimum payments on credit cards, loan payments and other debts (if any). Also add in the anticipated lease payment for your lease-to-own home (see here for estimates.) Do not include monthly expenses such food, utilities and insurance. Then add up your total gross monthly income before taxes. Your total monthly debt payments, including your estimated lease payment, should not exceed 45% of your monthly income. If this formula seems too complicated, don't worry. When you apply for the program, your DTI will be calculated automatically, and your counselor can help explain it to you. To determine if you should apply for lease-to-own, you should ask yourself the questions listed here. Back To Top Q: Will I qualify if I have an unpaid tax lien? A: No. All tax liens must be paid in full prior to entering the lease-to-own program. Back To Top Q: Will I qualify if I've had an automobile repossession? A: A repossession or voluntary surrender will not by itself prevent you from qualifying for the lease-to-own program. Other factors will be used to determine your qualification. To determine if you should apply for lease-to-own, you should ask yourself the questions listed here. Back To Top Q: Do I have to take a home buyers education course or credit counseling to qualify? A: Yes. When you submit your paid application, you will begin a credit counseling and education program called ScoreManager. If you are approved for the program, and enter a lease, you will continue in the ScoreManager for the duration of the 18-month lease period at no additional charge. If there is a significant time gap between the time you apply and the time your home is ready, you may need to enroll in the ScoreManager (at your own expense) to stay on track to homeownership. Back To Top Q: What homes are eligible? A: This program is for newly constructed homes only. Visit our page called "What Homes Are Eligible" to learn more. Back To Top Q: Where are the homes located? A: Participating builders from all over Texas are supplying the highest-quality homes to lease-to-own. Other states will be eligible soon. Visit our page called "What Homes Are Eligible" to learn more. Back To Top Q: How will I find the right home for me? A: After you submit your application and are pre-approved for the program, one our our professional home counselors will work with you to find the perfect home and home builder. Visit our page called "What Homes Are Eligible" to learn more. Back To Top Q: Can I get a tax deduction during my lease period? A: No. During the 18-month lease period you can not deduct the property taxes or interest because you are not yet the homeowner. When you assume the loan at the end of the lease, you will then be the homeowner, and will be eligible to deduct all future property taxes and mortgage interest, as allowed under federal and state tax laws. Back To Top Q: Can I use my own real estate agent? A: No. One of the ways that this program keeps costs down is that there are no real estate broker fees allowed to 3rd party real estate agents. But you need not worry about finding the right home -- our counselors will help you through this process. And you won't have to be involved in negotiating the sales contract, that's because we are buying the property on your behalf. Due to the large volume of units we will be buying, we have considerable bargaining power to negotiate affordable deals. But funds to purchase homes will go fast. You should apply now for the best chance at becoming qualified. Back To Top Q: What if I find a new home I want, but the builder is not participating in the LTO program? A: If you submit a paid application to us, and are approved for the program, we will make every effort to negotiate with the builder of your choice. Most builders see the tremendous value of participating in the lease-to-own program. So long as the homes the builder sells meet the program requirements, we may be able to work with the builder of your choice. If we are unable to negotiate with the builder, we will refer you to a participating builder offering a similar home. Back To Top Q: What if the house needs repairs while I am leasing? A: A home warranty covers repairs to most home systems and built-in appliances during the 18-month lease period. If a repair is required for warranty items, you will pay a nominal fee for a service technician to come to the home to make the repair. In all other respects, it will be your responsibility to take pride in your home and maintain it properly during the lease period - just as if it were your own home. Back To Top Q: Do I have to pay for home insurance and property taxes? A: During the 18-month lease period, you do not have to pay for home insurance or property taxes. The home insurance provided (called all-risk hazard insurance) does NOT cover the contents of your home, such as furniture. You must obtain a separate Renters Insurance policy to cover your belongings and your liability. After you assume the loan and become the homeowner, you will be responsible to obtain a comprehensive home insurance policy, and you will be required to pay property taxes and all other fees associated with homeownership. Back To Top. |
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EQUAL HOUSING AND LENDING OPPORTUNITY STATEMENT
Leasing Solutions, Inc. Texas Broker
Some of the below are links back to there
site can we turn the links off when they
are copied and pasted?
Builder's Surplus
Literally 1'000s
to chose from Can we change this link to
Frequently Asked Questions
Frequently Asked Questions About Lease-To-Own
General Questions About Lease-To-Own
How does Lease-To-Own work?
Is Lease-To-Own right for me?
What are the benefits of Lease-To-Own?
Will I save money with Lease-To-Own vs renting?
How much will my monthly lease payment cost?
What costs are covered in my lease payment?
How long do I lease the home before I become
the homeowner?
How do I become the homeowner at the end
of my lease?
Questions About Applying For Lease-To-Own
How do I apply for Lease-To-Own?
How much does it cost to apply?
What do I get for my application fee?
Do I have to pay a downpayment?
What if I am currently renting, and my lease
doesn't expire soon?
If I currently own a home or other property,
can I still qualify?
How do I know if I will qualify for Lease-To-Own?
If I have a low credit score can I still
qualify?
How much income do I have to earn to qualify?
Can I use section 8 vouchers or other government
assistance to make my lease payment?
Will I qualify if I've had a bankruptcy or
foreclosure?
Will I qualify if I have unpaid collections
or civil judgments?
Will I qualify if I have a lot of debt?
Will I qualify if I have an unpaid tax lien?
Will I qualify if I've had an automobile
repossession?
Do I have to take a home buyers education
course or credit counseling to qualify?
Questions About Lease-To-Own Homes
What homes are eligible?
Where are the homes located?
How will I find the right home for me?
Can I get a tax deduction during my lease
period?
Can I use my own real estate agent?
What if I find a new home I want, but the
builder is not participating in the LTO program?
What if the house needs repairs while I am
leasing?
Do I have to pay for home insurance and property
taxes?
Q: How does Lease-To-Own work?
A: There are 4 main steps to Lease-To-Own:
1. Apply, 2. Choose a home, 3. Sign your
18-month lease and move in, and sign the
option to purchase, 4. Assume the loan and
become the homeowner. Visit our page called
"How Does LTO Work?" to learn more.
Back To Top
Q: Is Lease-To-Own right for me?
A: If you are currently a renter, chances
are, lease-to-own is an excellent choice
for you. Visit our page called "Is LTO
Right For Me" to learn more. Back To
Top
Q: What are the benefits of Lease-To-Own?
A: Lease-to-own offers many benefits over
renting. The most obvious benefit is the
chance to escape the rent race and achieve
the dream of homeownership. To see other
benefits, visit our page called "Is
LTO Right For Me" to learn more. Back
To Top
Q: Will I save money with Lease-To-Own vs
renting?
A: Within just a year or two after beginning
the lease-to-own program, your typical savings
may be significant. Check out this comparison
chart to see for yourself. Back To Top
Q: How much will my monthly lease payments
cost?
A: The amount you will pay during the 18-month
lease period depends on the fair market rent
of your area. After you assume our loan the
amount of your mortgage payment will vary
depending on the price of the home you choose,
the interest rate, the property taxes assessed
to the home, the cost of hazard insurance,
and any additional fees such as homeowner
association dues. Only after you apply and
choose a home, can your counselor give you
an accurate estimate of your lease payment.
Below are some estimated ranges of the lease
payments for this program:
Home Price Lease EstimateMortgage Estimate
(PITI*)
Before Assumption After Assumption
$100,000$1,390 - $1,620 per monthApprox.
$1,226 per month
$125,000$1,790 - $1,985 per monthApprox.
$1,533 per month
$150,000$2,090 - $2,350 per monthApprox.
$1,839 per month
$200,000$2,790 - $3,090 per monthApprox.
$2,452 per month
$250,000$3,390 - $3,925 per monthApprox.
$3,065 per month
$300,000$3,995 - $4,560 per monthApprox.
$3,678 per month
Because this is a homeownership program,
you should be looking at the savings you
will get over a period of years, not months.
Check out this comparison to see how significant
your savings can be within just a few years.
*All figures in the chart above are estimates.
This does not constitute an official "Good
Faith Estimate". Mortgage estimate includes
estimated principal, interest, taxes and
insurance for first and second mortgage.
Second mortgage has a balloon payment at
end of 15th year. Read this FAQ to get more
information about property taxes and insurance
costs. Back To Top
Q: What costs are covered in my lease payment
before assumption?
A: Your monthly payment during the lease
period will include:
Professional Property Management
Lease Servicing
Monthly ScoreManager credit management
Monthly Installment into a Borrowers Savings
Account, paid as a security deposit. If you
qualify to assume the loan, these funds are
used to pay for assumption costs, including:
prepaid taxes, insurance, and assumption
fees.
Because you do not own the home during the
lease period, you do not pay for real estate
property taxes, homeowner's insurance, or
homeowners association dues. However; you
will be responsible for obtaining a renters
insurance policy to cover your belongings
and your liability. Back To Top
Q: How long do I lease the home before I
become the homeowner?
A: The lease period is 18 months or less
depending on your credit status. You may
assume our loan early if you meet the qualifying
guidelines. Or, at the end of the 18 months,
you have the option to assume the loan and
become the homeowner, if you are qualified.
Assuming the loan is an incredible opportunity
for you. That's because when you assume the
loan, you stand to benefit from the increase
in value that has accumulated with the home's
appreciation, if any. Back To Top
Q: How do I become the homeowner at the end
of my lease?
A: To become the homeowner, you must qualify
to "assume" the mortgage. Qualifying
is a 2 step process that requires that you;
1) abide by all the terms of the lease, and
2) financially qualify to assume the mortgage.
"Assuming" the mortgage is a process
whereby you take over the mortgage payments
(and all other homeownership costs) from
the home's current owner. Think of it as
getting the home and the mortgage "signed-over"
to you. In order to qualify to assume the
mortgage, you must meet certain criteria,
including making all your lease payments
on time, and working diligently to improve
your credit with the help of our ScoreManager
program. Other conditions apply. You will
be responsible for certain assumption fees,
some of which may be covered by your monthly
security deposit. If you are unable to qualify
to assume the loan at the end of the lease
period, the Program Issuer, in it's sole
discretion, may extend the lease to you or
another qualified lessee/tenant. Back To
Top
Q: How do I apply for Lease-To-Own?
A: There are 3 ways to apply:
1. Apply Online
2. Apply over the phone at 214-722-5800 or
800-362-6101
3. Apply by US mail by downloading the application
form PDF
You can pay for the application fee using
a credit card, or you may mail us a check
or money order. Back To Top
Q: How much does it cost to apply?
A: The cost to apply is $19.95. Back To Top
Q: What do I get for my application fee?
A: When you submit your paid application,
a professional counselor will personally
review your application and contact you to
inform you of your qualification status within
1-4 weeks. It's important to understand that
although thousands of families will apply
for this special program, less than 1,000
will qualify. For this reason, your application
fee is non-refundable. Applicants will be
qualified on a first-come, first-served basis,
so apply now. Back To Top
Q: Do I have to pay a downpayment?
A: No. You do not have to pay a downpayment.
If you apply and are approved for the program,
you will be asked to pay a program fee (an
amount not to exceed one monthly lease payment)
and your first month's lease payment prior
to moving in to your new home. Back To Top
Q: What if I am currently renting, and my
lease doesn't expire soon?
A: If your current lease agreement expires
in the next 12 months or less, you should
apply now for the lease-to-own program. That's
because funds for this program are limited
and all applicants will be approved on a
first-come, first-served basis. By applying
now, you can ensure funds will be available
for you when your current lease expires.
And we can work with you and the builder
to schedule the construction of your home
so that it will be ready when you are. In
addition to securing funds, applying now
will give you the benefit of a head-start
in preparing for homeownership by taking
advantage of your ScoreManager enrollment.
Back To Top
Q: If I currently own a home or other property,
can I still qualify?
A: You can still qualify if you own a home
and plan to sell it prior to signing your
lease agreement. If you plan to sell your
home, you should apply now for the lease-to-own
program. You may own other undeveloped land
(ie: land without a home on it); however,
you can not own another home when you enter
the lease agreement. Back To Top
Q: How do I know if I will qualify for Lease-To-Own?
A: It is generally easier to qualify for
lease-to-own than applying for a typical
home purchase mortgage. That's because there
is no downpayment and it's OK to have a few
bumps and bruises on your credit. The only
way you can find out for certain if you qualify
is to apply. But before applying, you should
ask yourself the questions listed here. Back
To Top
Q: If I have a low credit score can I still
qualify?
A: There is no minimum credit score required
to qualify for this program. However, there
are other minimum credit requirements. To
determine if you should apply for lease-to-own,
you should ask yourself the questions listed
here. Back To Top
Q: How much income do I have to earn to qualify?
A: While there is no minimum or maximum income
required for this program, there are limitations
to the amount of debt you can carry. In most
cases, this program will be appropriate for
those earning $50,000 or more household income.
Income can come from all persons who are
signing the lease agreement, as well as boarder
income, if it comes from a family member
living in the home. Although no minimum time
on the job is required, income must be stable
and durable. Income may be full-time, part-time
or self-employed. All income must be documentable.
To determine if you should apply for lease-to-own,
you should ask yourself the questions listed
here. Back To Top
Q: Can I use section 8 vouchers or other
assistance to make my lease payment?
A: No. Section 8 vouchers cannot be counted
as part of your income, nor can they be used
to make all or part of the monthly lease
payment. Social Security, pension, disability
and/or family support payments can be counted
as part of your income under certain circumstances,
so long as the payments are reasonably expected
to continue for at least 3 years. To determine
if you should apply for lease-to-own, you
should ask yourself the questions listed
here. Back To Top
Q: Will I qualify if I've had a bankruptcy
or foreclosure?
A: If the foreclosure or bankruptcy was discharged
over 3 years ago, and you have re-established
good credit habits since then, you may still
qualify. To determine if you should apply
for lease-to-own, you should ask yourself
the questions listed here. Back To Top
Q: Will I qualify if I have unpaid collections
or civil judgments?
A: If the collections and/or civil judgments
are reported in error, you can dispute them
with the help of your ScoreManager enrollment.
If you can pay-off the collections and civil
judgments prior to signing your lease agreement,
(or resolve them with a legitimate dispute
process), you may still qualify. Furthermore,
you may also choose to establish a written
debt repayment plan to pay-off the debt in
installments over time. When you setup a
debt repayment plan in writing, you may qualify
to lease-to-own even while you are still
repaying your past debts. Certain collection
accounts can be disregarded, and therefore
not affect your qualification status. Collection
accounts that are more than 2 years old AND
in an amount less than $500 may be disregarded.
Medical collections may be overlooked on
a case-by-case basis. To determine if you
should apply for lease-to-own, you should
ask yourself the questions listed here. Back
To Top
Q: Will I qualify if I have a lot of debt?
A: This depends on your total monthly income
and total monthly debt payments - in other
words, your Debt-To-Income Ratio (DTI). To
qualify for this program, your total monthly
debt payments and anticipated lease-to-own
payment must not exceed 45% of your total
monthly income (45% DTI). To determine this,
you should add the monthly payments on your
existing debt such as car payments, minimum
payments on credit cards, loan payments and
other debts (if any). Also add in the anticipated
lease payment for your lease-to-own home
(see here for estimates.) Do not include
monthly expenses such food, utilities and
insurance. Then add up your total gross monthly
income before taxes. Your total monthly debt
payments, including your estimated lease
payment, should not exceed 45% of your monthly
income. If this formula seems too complicated,
don't worry. When you apply for the program,
your DTI will be calculated automatically,
and your counselor can help explain it to
you. To determine if you should apply for
lease-to-own, you should ask yourself the
questions listed here. Back To Top
Q: Will I qualify if I have an unpaid tax
lien?
A: No. All tax liens must be paid in full
prior to entering the lease-to-own program.
Back To Top
Q: Will I qualify if I've had an automobile
repossession?
A: A repossession or voluntary surrender
will not by itself prevent you from qualifying
for the lease-to-own program. Other factors
will be used to determine your qualification.
To determine if you should apply for lease-to-own,
you should ask yourself the questions listed
here. Back To Top
Q: Do I have to take a home buyers education
course or credit counseling to qualify?
A: Yes. When you submit your paid application,
you will begin a credit counseling and education
program called ScoreManager. If you are approved
for the program, and enter a lease, you will
continue in the ScoreManager for the duration
of the 18-month lease period at no additional
charge. If there is a significant time gap
between the time you apply and the time your
home is ready, you may need to enroll in
the ScoreManager (at your own expense) to
stay on track to homeownership. Back To Top
Q: What homes are eligible?
A: This program is for newly constructed
homes only. Visit our page called "What
Homes Are Eligible" to learn more. Back
To Top
Q: Where are the homes located?
A: Participating builders from all over Texas
are supplying the highest-quality homes to
lease-to-own. Other states will be eligible
soon. Visit our page called "What Homes
Are Eligible" to learn more. Back To
Top
Q: How will I find the right home for me?
A: After you submit your application and
are pre-approved for the program, one our
our professional home counselors will work
with you to find the perfect home and home
builder. Visit our page called "What
Homes Are Eligible" to learn more. Back
To Top
Q: Can I get a tax deduction during my lease
period?
A: No. During the 18-month lease period you
can not deduct the property taxes or interest
because you are not yet the homeowner. When
you assume the loan at the end of the lease,
you will then be the homeowner, and will
be eligible to deduct all future property
taxes and mortgage interest, as allowed under
federal and state tax laws. Back To Top
Q: Can I use my own real estate agent?
A: No. One of the ways that this program
keeps costs down is that there are no real
estate broker fees allowed to 3rd party real
estate agents. But you need not worry about
finding the right home -- our counselors
will help you through this process. And you
won't have to be involved in negotiating
the sales contract, that's because we are
buying the property on your behalf. Due to
the large volume of units we will be buying,
we have considerable bargaining power to
negotiate affordable deals. But funds to
purchase homes will go fast. You should apply
now for the best chance at becoming qualified.
Back To Top
Q: What if I find a new home I want, but
the builder is not participating in the LTO
program?
A: If you submit a paid application to us,
and are approved for the program, we will
make every effort to negotiate with the builder
of your choice. Most builders see the tremendous
value of participating in the lease-to-own
program. So long as the homes the builder
sells meet the program requirements, we may
be able to work with the builder of your
choice. If we are unable to negotiate with
the builder, we will refer you to a participating
builder offering a similar home. Back To
Top
Q: What if the house needs repairs while
I am leasing?
A: A home warranty covers repairs to most
home systems and built-in appliances during
the 18-month lease period. If a repair is
required for warranty items, you will pay
a nominal fee for a service technician to
come to the home to make the repair. In all
other respects, it will be your responsibility
to take pride in your home and maintain it
properly during the lease period - just as
if it were your own home. Back To Top
Q: Do I have to pay for home insurance and
property taxes?
A: During the 18-month lease period, you
do not have to pay for home insurance or
property taxes. The home insurance provided
(called all-risk hazard insurance) does NOT
cover the contents of your home, such as
furniture. You must obtain a separate Renters
Insurance policy to cover your belongings
and your liability. After you assume the
loan and become the homeowner, you will be
responsible to obtain a comprehensive home
insurance policy, and you will be required
to pay property taxes and all other fees
associated with homeownership. Back To Top
New Home Purchase Programs Questionaire
1. How did you hear about our Home Purchase
Progam?
2. First Names Last Name
3. Phone Number Alternate Number
4. Email Address
5. What area(s) are you looking to purchase
your new home?
6. How many bedrooms?
7. What is your gross monthly income (before
taxes?)
8. How much are you currently paying in rent?
9. When are you looking to move?
10. How is your credit? Good, Bad, Decent?
11. If Bad or Decent, what is on your credit/fico
score?
12. Do you have an Eviction or Broken lease
on your credit?
13. Do you have a bankruptcy?
13a. What year was it discharged?
14. Do you have a foreclosure?
14a. What year did it occur?
15. How long have you and your spouse been
on your current jobs?
16. Are you in a current lease?
17. When is your lease to expire?
**Explain programs available
**Get there permission to submit there information
to the company that will be contacting them
to have them pre-approved.
**Give them the person's name who will be
contacting them
**Let them know I will be following up with
them in two days.
**Throughout the process I will be following
up with them so see how there new home search
is going.
