Barrowproperty.com can meet your needs when you decide you would like an option to purchase the rental property you are currently in or a rental you are interested in.

A good rental payment history and steady job is all you need to qualify for one of our lease purchase programs.  WE DO NOT REQUIRE A CREDIT CHECK AGAINST YOUR SOCIAL SECURITY NUMBER FOR YOU TO QUALIFY FOR A LEASE PURCHASE.  In general, your rental payment will increase by $150.00 per month in which $115.00 of the additional payment (each month) will go toward your down payment of the purchase of the house.  The lease purchase would be for a twenty four month period at which time you would buy the house from us with your own financing.  You will have saved $115.00 x 24 months=$2,760.00 to go toward your down payment on your house.  Currently our 3 bed 2 bath new homes are listed at $129,990.00

The $115.00 per month will be credited to the purchase price of the home upon the sale of the house. This structure allows you to build equity and save for a down payment toward the purchase price of your rental property while you are living in the house.

 

 

Here is an example of how a lease purchase would work:

If your rent was $899.00 per month and you wanted to enter into a lease purchase you would need the following amount of money down:

 

• $899.00 for first year’s taxes & insurance
• $1049.00 first month’s rent
• $500.00 for document preparation of the lease purchase agreement & related documents
• $2,448.00 would move you in one of our houses and would set you up on our lease purchase plan at the end of 24 months you would get your own financing, an example of which is listed below:

 

$127,000.00 purchase price (appx) (after your down payment has been applied) at 6% interest rate (you would need to qualify for the going mortgage rate at the time of purchase) for 30 years would give you a mortgage payment of $761.43 per month plus your taxes and home insurance.  Cheaper than renting!

 

If this interests you please call one of our representatives for further information.