If credit is an issue this may be a very good way to get a mortgage. Check out the rest of the story and see if lease-purcahse is right for you and your current credit situation.
Fundamental to the financing of any lease-purchase is the lease-purchase agreement. The lease-purchase agreement must be written and signed by both parties. This should be executed early on and prior to your first rent payment. The lender is not concerned with any verbal agreement you may have made with the seller however long ago – the lender wants to see it in writing. You can buy a lease-purchase agreement (also called a lease-option, lease with option, or lease to purchase) online or at your local office supply store. Either way, be sure to put it in writing.
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