Why should I be Protected in a Lease Purchase?

How is this different than other Rent or Lease to Own sales?

How much does it cost me to use Lease Purchase Protection?

What if I'm not interested in any Network homes or I already have one picked out?

Can I just rent in Lease Purchase Protection?

How much down payment is required for the program?

How long will I be in the Lease Purchase before being able to close on the home?

How much of my monthly payment goes towards the price of the home?

If you have a different question that you would like answered, please Contact Us.

Q: Why should I be Protected in a Lease Purchase?

A: A Lease Purchase is a great way to buy your next home but only if done right with your best interest in mind. All the time Buyers are enticed by big credits or cheap down payments, so they sign up directly with the Seller. Everything starts out great but falls apart when the Seller stops paying and lets the home foreclose or they decide not to sell at the last minute and take your money. On top of that you're on your own to figure out getting a mortgage before the term is up. Protection stops any worries because we handle the Seller payments, we control closing and we give you mortgage support.

Q: How is this different than other Rent or Lease to Own sales?

A: Typically in a Rent or Lease to Own your rental payment is higher to cover your credits, with an option to buy at a higher future value price. Lease Purchase Protection is a purchase program today we just delay the closing. Designed so you have a normal monthly payment closer to your future mortgage and you buy for today's price that's Not inflated. Also, before moving into the home you'll get to do the normal sales procedures like inspections and sales contracts with your Agent.

Q: How much does it cost to use Lease Purchase Protection?

A: Nothing, it's completely FREE for you to use because the Seller pays for the program. Every home that enrolls is covered with Protection, so the Seller doesn't mind paying the closing fee and allowing us to help you at no cost.

Q: What if I'm Not interested in any Network homes or I already have one picked out?

A: No Problem. Once your approved for Lease Purchase Protection you can look at any home on the market. We'll register your Agent or set you up with one to go shopping and select the right home for you. When found they'll make the program offer and get with us to have the home evaluated. We are very successful with Seller acceptance because of their Protection benefits and the Completion Guarantee.

Q: Can I just rent in Lease Purchase Protection?

A: No. Lease Purchase Protection is a purchase program only, because when contracting the home there are sales contracts to close in the future. It is truly your home from Possession date on, we just delay the closing until the mortgage is ready. However, we do have rental homes available if you would just like to rent. Contact our office for a list of those rental homes.

Q: How much down payment is required for the program?

A: Down payments range from 1% - 5% of the total price of the home, and is determined by your application. Don't worry if you have rough credit, remember we're reviewing you on the ability to get a mortgage after we've helped. Also, we protect it and make sure you get credit for 100% of the down payment at closing of the home.

Q: How long will I be in the Lease Purchase before being able to close on the home?

A: Like so many other things this depends on your situation, because Meridian's goal is to get you a mortgage and close on the home as soon as possible. On average it takes 12 months to accomplish everything with reviews each quarter to keep things on track.

Q: How much of my monthly payment goes towards the price of the home?

A: Every home is different when it comes to lease credits. Credits can range from 0% - 25% of each monthly payment going towards your down payment. This depends on how much your future mortgage will allow and negotiations with the Seller.