POSSIBLE TERMS (Instructions below)

Option A—ABSOLUTE BEST DEAL ($10,000 gets you a $390,000 home– earn equity with your rent and get your down payment doubled)

Conclude sale and refinance after five(5) years or sooner.

Minimum Down Payment $10000  For every dollar down—$1 extra is earned in equity in the house up to a maximum of $25,000 down.(Ex: $10,000 down=$20,000 equity, $25,000 down=$50,000 equity)

Monthly rent: $1500   Purchase price: $364,900

Monthly Equity granted: $200/mo for first two years. Total: $4800.

After two years equity increases to $300/mo for next three years: Total $10,800

Equity in house after five years: $35,600. (includes down payment and extra equity)

Purchase and sale agreement finalized at 5 years. 2008 appraised value = $390,000. $364,900 less $35,600 = $329,300. You have $60,700 equity in home after five years and owe just $329,300 at closing.

 

Option B—RENTAL ONLY

Monthly rent: $1500  1st and last month’s rent plus one month’s rent as security against damages.

After three years, rent increases to $1700 per month. House is not furnished nor in danger of foreclosure. Renter can buy house or pay for an option to buy at any time in first three years and some equity will be granted retroactively from rent paid. Will consider terms for tenant who pays a whole year’s rent in advance eligible for same terms as in Option A.

Option C—RENT-TO-OWN option sale and refinance after two(2) years.

Down Payment $5,000   Monthly rent: $1000   Purchase price: $364,900

Rental terms: 1st and last month’s rent plus $1000 security deposit against damages.

Monthly Equity granted: $150/mo for two years. Total: $3600.

Equity in house after two years: $13,600 (includes down payment and bonus equity of $5000)

Purchase and sale agreement finalized at 2 years.

2008 appraised value = $390,000. $364,900 less $13,600 = $351,300. You have $38,700 equity in home after two years. You will owe $351,300 at closing.

NOTE: IF THIS OPTION IS CHOSEN, BUYER WILL RECEIVE AN ADDITIONAL $5000 IN EQUITY AT CLOSING.

 

To proceed with any option please call 717-394-4565. Sample lease contract can

be emailed upon request. For Lease only—application on first page of website. Rent-to-own will require three documents—Application plus Lease plus Option. Please indicate on application which option you are choosing (A,B,C). Thank you.