A lease purchase occurs when homeowners allow target buyers to rent the former’s property for a certain period. At closure, the owners tend to credit a portion of monthly rent towards the home’s purchase price. The eligibility criteria for lease purchase solutions are usually between sellers and buyers. Still, you need to have some standard qualifications to opt for that.

Want to know if you are eligible for lease purchase solutions? Check if you have the qualifications below:

Employment Stability

As a lease purchaser, you should preferably have stable employment to pay monthly rental charges on time. No one would like to run after you to get the rental payments. If you have a long-term job, you can get bank financing at the lease ends. A good record of timely payments can always help you to get the best lease purchase solutions.

Down Payment

Many lease purchases include non-refundable payments ranging from a token price to 5% of the proposed buying price, depending on agreed conditions. You need to pay that amount before you take occupancy. The down payment amount usually gets credited to the buying price at the closure time. The seller retains the money if a buyer defaults on charges or doesn’t purchase a home before the mentioned closing date.

Rental Record

Sellers tend to check tenants’ rental references for a lease purchase to prevent any possible damages to their property. Plus, a tenant residing on the lease purchase premises should be evicted in the non-payment events, like in a regular agreement. You can quickly get the right lease purchase solution with a positive rental track record.

Bankability

A lease-purchase tends to avoid buying a home quickly because of credit issues. Due to this, a buyer does not need to pass a credit check to be qualified for a lease purchase. A seller may ask the buyer to talk to a loan officer. A lender can tell buyers about the remedies required on their credit report to buy the home in a specific period. A lease purchaser who is not willing to conventional financing must be eligible for a bank loan to qualify for a contract.

So, consider the factors above to check your eligibility for lease-purchase solutions. Breeze Lease Purchase offers lease-purchase solutions to people living in the US for all home improvement needs. Contact us today to apply for the best solutions. We will always be happy to help you.