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What is Lease Option?
Lease Option is a hybrid rent-purchase contract where the buyer rents the home for a set term (1-5 years) with an exclusive right to buy it at a predetermined price during that period. A portion of the monthly rent and initial down payment credit toward the final purchase if the buyer exercises the option.
| Requirement | CasaFlex | Traditional Bank | FHA |
|---|---|---|---|
| Locks in purchase price | Yes (agreed today) | N/A | N/A |
| Builds equity while renting | Yes (rent credits) | No | No |
| Requires credit score | No | Yes (to buy later) | Yes |
| Upfront cost | 3-7% option | None (renting) | 3.5% closing |
| Time to establish | 1 week | N/A | 45-60 days |
A lease option (also called rent-to-own) is a hybrid contract where you rent the home for 1-5 years with an exclusive right to purchase it at a predetermined price during that period. Part of your rent credits toward the down payment if you exercise the option.
Option consideration (upfront payment) is 3-7% of the purchase price. Monthly rent is at market rate.
The option consideration and any rent credits stay with the seller. You walk away without additional obligation but lose your upfront deposit.
Yes. Many buyers use the lease option period to build US credit history, then qualify for a traditional mortgage when they exercise the option. CasaFlex helps you prepare for this transition.
Recent immigrants building credit, families relocating who need time to establish local income, and buyers who love a specific house but need 1-3 years to be mortgage-ready.