Aspire to Own Lease Purchase contracts run from 13 to 36 months.

• This gives you enough time to improve your credit.
• You are allowed a flexible period during which to complete your purchase.

You get your own financing when you are ready to purchase.

• Aspire to Own works with Jeffrey Pinkerton of Hillside Lending, who can assist you with your loan or you can use a lender of your choice.
• You should work with a lender while leasing to make sure you are on track in improving your credit.
• Some lenders may consider conversion from "lease purchase" to "purchase as refinance" rather than a new loan.

Your Purchase price is computed by establishing an initial market price agreeable to you and Aspire to Own and increasing this price by a factor of between .4167% and .5833% per month (about 5 to 7% per year depending on the local market) to allow for normal appreciation.

Example:

A house with an initial market price of $150,000, with 5% annual appreciation, would have a purchase price of $165,000 after 2 years. 

Yes.  You must pay an option payment to Aspire to Own at time Lease Purchase contract is signed.

• The option payment is generally about 3% of the initial purchase price.
• The option payment is applied to the your purchase price when you exercise your purchase option.
• Your option payment is non-refundable. If you do not purchase the home for any reason, your option payment is forfeited.  The option payment is your commitment that you intend to purchase the home.

Example:

Rent for a home costing $150,000 house would be approximately $1,350 per month. $150,000 x .009 = $1,350

Yes. At your option, monthly rent can be reduced by prepayment of a lump sum at lease purchase signing.

Example:

In the above case, if you intended to purchase the house after 24 months and wanted to reduce rent to $1,250 per month, a $2,400 initial payment in addition could be made in addition to the option payment when the Lease Purchase is signed. This payment is considered as prepaid rent and does not apply to the purchase price of the home.

Aspire to Own works with a mortgage broker, Jeffrey Pinkerton of Hillside Lending, who will assist you in the following ways:

• Pull your credit and go over your credit reports in detail before you sign the Lease Purchase contract.
• Tell you approximately how long it should take for you to obtain reasonable financing.
• Clearly explain the steps you will need to take in order to get your credit to an acceptable level.
• Help you establish a step-by-step plan for improving your credit.
• Check in with you quarterly to assure you are following the plan and that your credit is improving as projected.
• Help you secure a mortgage when you are ready to purchase your home.

Aspire to Own truly wants you to succeed in purchasing your home. Your success is our success.

Making regular payments on your Lease Purchase contract can help you to re-establish your credit.

Entering a Lease Purchase contract allows you and your family to live in a “your” home while working to become eligible for financing.

Your children are established in the school system.

You and your family become part of the community.

You and your family are the first occupants in a new home.

Generally, our homes fit the following criteria:

• Brand new homes or pre-construction in early stages of new subdivisions.
• Homes in popular developments with covenants and amenities, such as pool and tennis.
• Homes that represent good investments relative to their area.
• Homes in good school districts.

Credit

We understand anyone can have temporary credit problems, such as:

• Loss of income
• Serious medical bills
• Divorce

We look at your credit but consider your personal circumstances and what you are doing to recover your credit.

Lease Purchase is one step to improving your credit, while allowing you and your family to live in your own home before otherwise possible.

Income

• Can your family income support lease payments plus other expenses you have?

Rent history

• Have you ever been evicted or dispossessed?
• Have you paid your rent on time?
• Have you ever paid with bad checks?
• Have you damaged former homes?
• Would your current or previous landlord re-rent to you?

Ideally, you should have at least 60 days before you need to move in to your new home.

• This allows us to find a home you like that fits your budget.
• It also allows us to arrange financing for your home.

If you have 90 days or more, we may be able to have a house built specifically for you.

• You are able to help pick out interior options.
• You have time to save the money necessary for your initial option and lease payments.

If you have 30-60 days, we may be able to find an existing house in builder inventory (one which is already built and ready to be sold).

If you have 30 days or less, we will only be able to work with you if we own a home that meets your needs and is available for occupancy.   (See Available homes)

Help us identify a home for you:

• Drive new developments in your area of interest.
• Look for homes you like in a price range you can afford (see answers to "Is there an initial cost to Secure a purchase option?" and "How is the amount of my monthly rent payment established?")
• Check the Internet for possible new development locations.
• Call our Realtor, Tonia Mann, for ideas (404-787-3662, www.atlantaathome.com).

Complete one Application Form for each person who will be on the Lease Purchase contract, print and mail it with a $50 application fee to:

Aspire to Own
P.O. Box 1838
Lawrenceville, GA 30046

Fax your application(s) to 404-872-7663 or

E-mail your application(s) to vgaunt0916@bellsouth.net.

Call Vicki Gaunt if you have other questions (770-962-6001).