If your desire to own a home is hindered by your bad credit, lack of credit, self employment issues or you simply want to avoid the two month financing hassle when going to a traditional lender then we can help. 

What is a Lease Purchase?   You lease the home for a specified period of time; usually up to a 3 year period, and during that term you purchase the home for a predetermined price.  You  sign a lease agreement with us and a purchase agreement which would give you the exclusive right to buy the home.  This means that you and only you could buy the home during the term of our agreement.  100% of your down payment is applied to the purchase price of the home. 

How did Lease Purchase Get Started? Many people want to buy a home, but because of certain events in their life they cannot buy right now. People have a strong desire to own a home, but lenders are unwilling to help them. This is where we can help . The Lease Purchase program was designed to allow our customers to be on their way to home ownership with less money down than conventional financing while they correct their credit problems. 

Does your down payment go towards the purchase price of the home? YES, whatever money you put down on your home in our program goes 100% toward the purchase price.  No more wasted money on landlord rents!  So if you put $5,000 down on a $145,000 home you would then owe only $140,000. The $5,000 is applied to the purchase price of the home as part of your down payment requirement.  

How much rent goes towards the purchase price of the home?  Stop throwing money away each month for an apartment. With our Lease/Purchase Program a fixed portion of your monthly rent is contributed towards the purchase price of the home. This rate varies between $50 and $150 per month depending on the home and your credit situation.  For example: if you put down $5,000 on a home and you were given a monthly contribution of $100.00 for 36 months you would have a total down payment of $8,600.00. 

Is BAD CREDIT workable?  Our main requirement is a good down payment, and a good job showing your ability to make monthly payments.  We can work with past credit issues, especially if they are older.  You should be current on any open credit accounts with on-time payments over the last twelve months.  We realize that people who put good down payments together are serious about buying a home.  To learn how we can assist you with your credit issues please read about our credit program. 

What if I have a Bankruptcy?  If you have filed bankruptcy in the past, the Lease-Purchase program may be a great fit for you to work your way toward home ownership.  In most cases, two to three years need to pass after your bankruptcy is complete before you can qualify for a mortgage.  In our program, you have up to three years to purchase the home with an additional year as an extension if necessary.  We do require bankruptcies to be discharged prior to occupancy.

How much do I need for a down payment? It will vary with your credit but most of the time it is 2% to 5%! We have worked with less, but keep in mind, the more money you put down, the lower your monthly payment is.  

How long a time period can I go With a Lease Option?  Our Lease-Purchase buyers usually go up to three years in our program before they buy.  This gives them time to get their credit cleaned up and to save some additional money for a down payment if needed.  They then go to the lender of their choice, get a loan, and then they OWN THE HOME

What if I can't get a bank loan within three years? We are always willing to renew leases and to continue to work with our customers as long as it takes. We have never asked anyone to move because they could not buy the home.  Some families have purchased after leasing for 7 years. 

How successful is the Lease/Purchase program? Autumnwood Homes has been very successful in helping families obtain financing for their homes. Click here to read our testimonials. 95 families have successfully purchased our homes after renting for a year or longer. 

How long does the approval process take? In most cases we can approve you within two business days of receiving a completed application and $45 application fee.

Can you be flexible with the down payment?  YES, we realize that putting together a down payment can be difficult, so we do everything we can to help make it as easy as possible. To help you get your down payment you can :

1. If you have a good portion of your down payment now we can make arrangements to take the remaining amount in future payments. 

2. Borrow from your 401K or other retirement accounts. Real Estate is the best investment you can make. 

3. Ask relatives or friends to lend or give you the money.

How Can I Be Sure I am Getting a Good Home?  Autumnwood Homes has been building quality homes since 1987.  View our Base Specifications, or read what the Building Industry Association of Central Ohio (BIA) and some of our customer's think of Autumnwood Homes by viewing the Testimonial section. Most of our homes offered for Lease/Purchase have been built or remodeled by us.  All of our newly constructed homes come complete with a 3 year structural warranty and a one year warranty for the: furnace, air conditioning, roof, sump pump system, disposal, dishwasher, and microwave. Homes that have previously been occupied come with a 30 day warranty. We also offer a Service Plan with every Lease/Purchase, which provides the utmost protection to our customers.  We provide a convenient online maintenance request form for our customers.  

What is Autumnwood's Pet Policy? A small dog under 35 pounds and over a year old would require an additional down payment or deposit. We do not allow the following types of dogs: Akitas, Alaskan Malamutes, Belgian Malinois, Chows, Dobermans, German Shepherds, Great Danes, Huskies, Pit Bulls, Rottweillers, St Bernard, American Staffordshire Terrier, Presa Canario, King Corso, Dogo Argentino and Wolf Hybrid.  If you have other types of animals contact the office to discuss approval prior to applying.

Is a Lease Purchase Program Ideal for Someone with Good Credit? YES! If you have good credit, your approval with us is automatic.  You can move into an Autumnwood Home right away without any delays. Also, you could use that time to shop for the best rates available for your bank refinancing. Furthermore, if you should purchase the home within the first 6 months, we offer an additional discount on the price. For more information call 614/433.9100

I am interested, What do I do?  Check our list of Available Homes to find a home that is right for you. Call Autumnwood HOMES at 614/433.9100 for any additional information you might need, to schedule a time to view the homes you are interested in, or to make an appointment to complete an application.  It is that easy!