Total Solutions Alliance LLC

Here is how the Lease Option works:

1)  You do a 5%-10% Initial Option Payment- Goes to principal.
2)  You pay a monthly Lease/Rent and 15% of that rent goes to the principal of the house every month, as a Monthly Option Payment.
3)  The initial Lease Option Term is between 2 and 3.5Yrs, to give you time to work on your credit and be able to get financing from a regular bank.

Example:

If the house is $100,000, the initial option payment is  $10,000.00 and the balance would be $90,000.
If the monthly Lease/Rent is $1,000/Mo, $150 goes to the principal every month.
At the end of the 1st year you paid off $150*Mo = $1,800
At the end of 2 Yrs. you paid off $3,600 and your Option Price/Balance would be $90,000-$3,600= $86,400
Note* Price of home and rent will be based on market value of both.

You then go to a bank and try to get financing for $86,400 on a house that is worth $100,000.  This should put you in a much better position as you should already have your credit back to where it needs to be and also have equity on the house.

Here is what we typically required from Lease Optionee :

(1) Most current 30-days of income documentation (paycheck stubs, etc.)
(2) Last two years W-2s
(3) Last two years Federal Tax Returns
(4) Verification of assets to pay option fee and 1st month's rent

There is also a $4000 fee to costs of documents etc.

Note:  We are ok with Bankruptcies, Short sales, foreclosures etc…   the idea is to help you secure a house that you can live in and give you time to work on your credit so that you can then put the home in a long term 30 Yr. type scenario.

Please let us know if you have any questions and if you think a Lease Option program can work for you. We also have a purchase assistance program. For more information on the Purchase Assistance program Click Here

Call us at: 408-462-0591 for more information or Schedule An Appointment

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