Lease Option a great way to own a home in Washington County, Oregon
By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
Are you presently renting a home and want to make the step to homeownership, but don't have a large down payment, good enough credit, or been in your present job long enough to get a traditional mortgage?Then getting a home with a lease option may be a great way for you to get in to your first home. A lease option requires very little down, usually equal to the first months rent, and then monthly payments usually not as high as if you were paying a traditional mortgage.Unlike rent, the down payment is yours to keep if you exercise the option to purchase the property, in the time set in the contract, and it goes toward your down payment or closing costs. Also, part of your monthly rent may also go toward your closing costs or down payment depending on your contract with the seller.If the...