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| FAQ - Lease To Own |
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- How does the program work?
You will pay the first month and last months rent and the deposit. This amount will be applied to your down payment. There will be a 3 year contract amortized for 360 months.
Example Only: If your rent payment is this amount ...... 985.00 First month rent-
985.00 Last month rent-
985.00 Deposit-
Total of $2,955.00 will apply to Down Payment.
- How do you arrive at the value of my house?
We have certified appraisals on all of our houses and will be working off of those values.
- What are the prices of your homes ?
The prices vary from about 134,500.00 to 178,500.00 depending on the size of the home.
- When do we need to exercise our option?
Anytime between the 2nd and 3rd year of your lease.
- What happens when my option period expires?
There are 3 options:
a) You refinance loan with your own lender in your name.
b) You renew with McNanna Property Investments at the current interest rate,
depending on your payment history with McNanna Property Investments for the years.
c) McNanna Property Investments cosigns at the bank with you, loan is put in your name. Depending on your payment history with McNanna Property Investments for the previous 3 years.
- Will my payments be more than rent?
In most cases it will be about the same. Some cases will be a little more, and in some it will be a little less.
- What if I want to put more money down on my home to lower my payments?
McNanna Property Investments will match it up to $3,000.00 in addition to your down payment.
Example: 3,000.00 Down payment made by you
3,000.00 Matched by McNanna Property Investments
6,000.00 Down payment applied to home
- What interest rate will McNanna Property be charging?
6.950% will be your interest rate up thru the option date.
- Do I have to pay my own insurance and real estate taxes?
The insurance and real estate taxes will be paid by McNanna Property Investments until you exrcise your options, (Appox. 2 years )at which time you will become responsible for both.
- What about repairs and maintenance on the house?
You will be responsible for any repairs and maintenance on the house unless the house is new and under the one year warranty.
- Do we have to have good credit?
No, matter of fact that is our slogan: Bad Credit / No Credit / No Problem
- Why should I Lease to Own instead of rent?
You will have interest in the house that your living in.
You will have an opportunity to improve your credit.
The price of your home will be locked in and you will benefit by the home appreciation in the future.
- If I'm interested in this program, what do I need to do first?
You need to call the office and schedule an appointment to sit down and discuss the details.
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