Phoenix's Alternative for Rent to Own Houses
At LGI Homes, we pride ourselves on being Phoenix's Leader in Affordable New Homes. Often times, the monthly payment on one of our homes is equal to or even cheaper than what typical first-time buyers are currently paying in rent! Our methodology is simple, we build and develop communities in locations slightly further out from the metro area so we can sell them at an affordable price.
How Do Lease-Purchase Options Work in Phoenix?
When home buyers in the Greater Phoenix Area are researching different ways to purchase a home, they may come across the option of rent-to-own houses. Sometimes referred to as a "lease option" or "lease-to-own agreement", this may come across as an attractive option for those who do not have the means to provide a significant down payment on a home.
While there is no official standard rate or process for rent-to-own options in Phoenix, typically, the potential buyer pays an option fee (sometimes referred to as "option consideration") which gives them the opportunity to purchase the home in the future. This fee is usually non-refundable and typically ranges between 2.5% - 7% of the house sales price.
Attention Phoenix: There is a Better Alternative
While most of our buyers qualify for an FHA loan and put down approximately 3.5% - 5%, did you know that many of our homeowners qualify for putting No Money Down? LGI Homes works with preferred lenders who have offices in each of our community information centers so we can provide the best possible experience for our buyers. If you live in the Phoenix area and are tired of paying rent or considering or a rent-to-own option, you owe it to yourself to meet with one of our New Home Consultants that can help you achieve your dream of homeownership. Contact us today!