Creative financing of your new Jacksonville Florida home or condo may be needed if you do not have the money to put down a 10-20% down payment plus closing costs. While there are still programs that might help a first time North Florida homebuyer finance Jacksonville Fl condo or home, these funds are harder to find in this current climate. A lease option may allow you to achieve your objective.

Let’s examine why a Northeast Florida seller might consider allowing a North Fl buyer move into their home under a rent to own lease option. Lease options have several advantages for the seller and buyer. Before you make any decision, read all of the fine print in the lease-option agreement. The Jacksonville Fl seller benefits from a lease option during a slow market. The monthly rent will be higher than the market rent. The renter is also more likely to treat the property with much more respect. This is because they will one day possibly be the owner of the home. A portion of the renter’s payment goes toward a down payment on the house if the lease option is selected. Rent credit is the name given to this. If the rent credit surpasses the market rent and a valid lease-purchase agreement is effective, the majority of institutional lenders will accept rent credit as part of the down payment. A copy of the valid lease-purchase agreement should be attached to the loan application.

Locating a Ponte Vedra Florida condo, St Augustine home, or Atlantic Beach townhome may actually be the easiest part of the buying process – financing may offer the greatest challenge. Using the services of a licensed Jacksonville Fl real estate agent who is also a licensed Florida Mortgage Broker allows for one stop shopping. Call James Angelo today so I can help you navigate this complex process.