Frequently Asked Questions

If you have other questions, please contact us!

What is the first step?

The first step is to find a home on our website that you would like to view by clicking on our Properties tab.  Also review the details of our program.  Then call 314-382-8888 or fill out the Preliminary Home Application form and we will set up a time for you to view the home.

What is the condition of your homes?

We take pride in offering “LIKE NEW HOMES” in highly desirable neighborhoods.  Rarely can homes be found on the traditional rental market in the same condition as ours.

How does your Lease With an Option to Purchase Program Work?

It’s simple.  Select any house listed from our inventory. We can lease you the home with the exclusive right to purchase it at a later date.  Our buyers love it because it gives them the time they need to save up for a larger down payment, time to clean up past credit problems, time to sell another home, and also time to try out the neighborhood before buying.  100% of your Option Fee is credited toward the purchase price of the home if you buy.  While many lease to own programs are between 6 and 24 months, we generally set ours at 35 months.  We also fix the lease payment and Option price for the entire term.  This puts you in the driver’s seat with more time to buy the home and allows you the benefits any price or rent appreciation.

I have viewed the home and I love it!  What is the next step?

All we need is your application.  These are available inside the home. You can fax it to (314) 261-9304 or email it to Application@LeaseToOwnSTL.com.  We will then contact you within 24 hours.  Please keep in mind that our homes go quickly so time is of the essence.

Do you offer Credit Repair?

We are NOT a credit repair company.  But we highly recommend you sign up with a professional credit repair company to repair your credit if you enter into any lease option.

How much of an Option-to-Buy Fee do I need?

Generally 3-6%.

Is the Option-to-Buy Fee non-refundable?

YES!  If you break the lease or don’t pay the rent you forfeit all of your Option Fee.  The Option Fee is credited towards the purchase price of the home if and when you buy it.  If you choose not to buy the home, the Option Fee is non-refundable.

What is the purpose of the Option-to-Buy Fee?

The Option Fee puts you in the driver’s seat.  It allows you to have a fixed Option price and fixed Lease payment for approximately 3 years allowing you to benefit from any price appreciation.  It also allows you time to repair your credit and purchase the home at a later date.  Additionally, 100% of the Option Fee comes off of the purchase price if you exercise your Option to buy.  Although the Option Fee is normally paid at the beginning of the lease period it should not be confused with a Rental Security Deposit. The Option Fee is a Fee paid for the right to purchase the home at a fixed price over the term of the Option period. It is not refundable.

What other methods of payment for the Option to Buy Fee are accepted?

Unlike lending institutions, we accept borrowed funds.  If you have a close friend or relative willing to lend you money for your Option-to-Buy Fee, you can use that with our program.

Do you offer assistance programs for the Option-to-Buy Fee?

No.  The entire amount needs to be paid at the beginning of the Lease/ Option.

How do you determine the Lease payment?

The Lease payment is advertised and set based on market conditions.  Please keep in mind that we offer “Like-New Homes” in highly desirable neighborhoods not typically found on the traditional rental marketplace.  We also fix the lease payment in for 3 years as opposed to most lease agreements where it increases annually.

Do you arrange owner financing for the homes you sell?

No.

How long is the Lease-To-Own period for?

Typically we give you 35 months before you would need to complete the purchase.  However, you may buy at any time within the length of the agreement.   You do not have to wait until the end.

Do I need to qualify to buy a home for your program?

We are not extremely interested in your past credit history.  Your ability to come up with an Option-to-Buy Fee of 3-6% along with making reasonable monthly payments are more important.  Also your desire to repair your credit and be a homeowner in the future is what is really important to us.

How can I buy a home when I have bad credit?

You can’t by getting a loan through conventional lenders.  We arrange for a Lease with an Option-to-Buy and give you time to repair your credit in order to purchase the home at a later date.

Who pays the property taxes and insurance during the Lease-To-Own period?

The home owner does!  You only pay the monthly rent, utilities, etc. until you actually complete the purchase.

The home I wanted has been sold, can you find me another one?

Yes we can.  Our homes go fast, so the best thing you can do is Contact Us and tell us what you are looking for and how soon you are looking to move.  We will add you to our Buyer’s list and contact you via phone or email as soon as a home comes available that meets your criteria.  Click Here to contact us and join our Buyers List now!  If there is already a home on our website that you are interested in, go ahead and call us at 314-382-8888 or fill out our Preliminary Home Application!