How Does A Lease With Purchase Home Agreement Work in Arizona?
Our rent to own process is straightforward and easy to understand.
- Join our property list and tell us what type of home you’re looking for, where you’d like to live, your budget, etc. (START with the form to the right)
- We’ll send you a list or page of Arizona rent-to-own / lease option homes that fit your criteria.
- If you like one of the homes on our listing page for Surprise or Phoenix and want to apply, we’ll send you an application to fill out. We help people with all kinds of credit and financial situations, and if you can afford the property, we can probably help you to own it — so don’t worry if you haven’t been able to qualify before.
- After you’re approved to rent the property in either Surprise or Phoenix, we’ll agree on a monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time… then at the end of the rental agreement, you can decide if you want to purchase the home or not.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long Are Rent To Own or Lease Option Terms?
Your lease/option agreement (also referred to as the rent-to-own contract) for Arizona will specify the length of time within which you are preparing to finalize the purchase of the property. Typically, this period spans 3 years. However, there may be circumstances where we can extend your option longer if you require additional time to improve your credit score or accumulate enough funds for a down payment, enabling you to qualify for a bank loan.
While a traditional mortgage loan is the most common method for purchasing a home, there are alternative avenues available based on your financial situation.
That’s the process!
After the rental period of time that helps you qualify for a bank loan, and you complete your bank loan or mortgage loan –you’re done! Now you own your home!