The Key To Homeownership
Are you fed up with throwing away your hard-earned money every month on rent?
Do you want to put your family into a beautiful place they can call home? What’s stopping you? Credit? Past Issues? With a lease-purchase, with TMG E-Vestments you don’t have to face the immediate scrutiny that lenders will put you through.
We put you on the path to homeownership with our Lease Purchase Program. It simple really, you know the benefits of buying vs renting. But with our Lease Purchase Program, we take away the stress and worry that comes with buying your new home!
Benefits of buying through our Lease Purchase Program.
- Many past credit problems are not a problem.
- Less qualifying restrictions.
- The purchase price is agreed upon and locked in ahead of time.
- Tax benefits! You will receive benefits such as depreciation etc.
- You can check out the area and house thoroughly before purchasing the house.
- The property continues to build equity while you are living in it. That equity is yours when you exercise your option!
- We offer a home warranty on all properties to cover most repairs such as A/C, water heater, etc.
- The option fee locks in your purchase price regardless of how the market changes.
- Part of your rent payment every month is credited to the purchase price, which can also be used towards closing costs.
- We work directly with loan officers to assist you in obtaining permanent financing.
At TMG E-Vestments we specialize in what is called a short-term lease purchase, which has tremendous benefits for both buyers and sellers of real estate.
Our program is a great alternative to renting and we help our tenant-buyers prepare for financing.
We know some of the requirements mortgage companies ask for but we specialize in minimizing the risks and work closely with credit repair companies, loan officers, and our tenant-buyers so you’re covered when it’s time to exercise your option to purchase when the times comes.
Here are problems some of our buyers face:
- Lending guidelines constantly changing making it harder to get approved.
- Relocating and needing to get the family situated before financing.
- A business owner who doesn’t have financials per lender requirements.
- Not so great credit that needs to be repaired/corrected to meet lender requirements.
How we help solve these problems for our clients!
- We provide solutions for people looking to purchase a home but can’t quite qualify for a traditional mortgage.
- We work directly with credit repair companies to help repair credit, remove old collections, and establish tradelines.
- We connect you with a CPA to assist with getting your financials in line if needed.
- We keep in constant communication with tenant buyers and loan officers to ensure you stay on track to qualify for your mortgage.
- We lease you the home for one year while you work out whatever is stopping you from meeting loan guidelines.
- We make sure you’re covered with a home warranty plan.
- Once you’re ready we walk you through the process until you’re ready to exercise your option!
What is required to qualify for a lease-purchase property?
- You must make 3 times the monthly rent
- Bankruptcies must be discharged and certain time restrictions have to be overcome.
- Foreclosures have certain time restrictions that are set forth by the lenders. But we can work with you on this on a case-by-case basis.
- Tax Liens normally must be paid before financing.
- Many past credit problems are not a problem.
- Credit Scores (Although other items are important, most lease option specialists are looking for applicants that are no more than 60 points away from FHA finance.
- Judgments must be resolved for most lenders.
- We require a home warranty on all properties to cover most repairs such as A/C, water heater, etc.
Frequently Asked Questions
We understand this may be a lot to digest and you may have questions and that’s to be expected! This a huge decision and you need time to evaluate all the information, discuss it with your family, and ask questions. We’ll be here when you’re ready to ask questions and if you decide to move forward we’ll be here for you.
You won’t be just a client with TMG E-Vestments, you’ll be family!
We’ve always dreamed of being in the position to help out those who have hit a few bumps in the road along the way but are generally good people and fallen on hard times. We believe everyone deserves the chance to own a home and we are the key to homeownership with our Lease-Purchase Program.
Below are a few questions some of our clients have asked in the past. Please gather your questions and we’ll go over them as well!
Again, we’ll be here when you’re ready to make your dreams come true. Buying a home can be hard but it doesn’t have to be with TMG E-Vestments!
A Lease Purchase is simply a lease agreement with the option for the tenant to purchase the property. The tenant/buyer makes monthly payments directly to the seller, and within 12 months is obtaining permanent financing.
Every case varies some, but most tenant/buyers that come to us can actually qualify within 10-12 months. There may just be old just blemishes on your credit that need to be resolved or removed. If the tenant/buyers need to have discrepancies on their report resolved, we require that they begin the process with our partner lender asap and require proof at the time of move in. This way we know the process is started, and it reduces the amount of time needed before they can qualify for a mortgage.
Keep in mind, approx. 60% of the Tenant/Buyers that come thru us have great credit and strong financials, but they are simply self employed business owners that need time to get things in place with their CPA to obtain financing.
Yes, part of your rent payment every month is credited to the purchase price, which can also be used towards closing costs.
There is no obligation to buy the house at any time. With that being said, you have the option once the contracts are signed and the fees are paid to buy or to not buy the house. But our goal is to make you a homeowner. You’re paying an option fee to lock in the price, part of your monthly payment will go towards the sale price and we’re going to help you get approved for financing. Why not see it through? You are not obligated especially if things change for you but you must remember all the fees you’ve paid will not be refunded if you do not exercise the option to purchase at the end of your initial lease term.
Due upon move in you pay an option fee which varies by home plus the advertised monthly rent plus the security deposit which is equal to the advertised monthly rent. Pet deposits are $400 per pet and are non-refundable.
Additional deposits may be required for certain credit situations which will be determined on a case by case basis.
Yes, with the owner’s written approval and work done by a professional you can make improvements to the home. As long as the repairs will increase the value of the home the owner will not unreasonably restrict improvements. Keep in mind we have contractors we partner with and may be able to get you a better deal.
To qualify you must make three times the amount of monthly rent and income. Your credit will be reviewed. However, keep in mind this program is designed for people with credit issues, issues with proof of income, etc. Any criminal history and past evictions will be reviewed on a case-by-case basis. These situations are reviewed by the owner and accepted on a case-by-case basis.
The next step is to choose a house and schedule a tour. If the house is acceptable to you, you will be sent an application. The cost of the application is $40 per adult. If your application is approved, you can move in right away upon payment of all fees.