What Is A Lease Purchase Mortgage

Answer for "What is a lease purchase mortgage?"

Jesse Harris
  Better Homes and Gardens Real Estate Metro Brokers

A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property with the option to buy. Often constructed so the monthly rent payment covers the owners first mortgage payment, plus an additional amount as a savings deposit to accumulate cash for a down payment. Sellers may agree to a lease purchase option if the housing market is saturated and they are having difficulty selling the property.

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