I have a contact who is interested in trying to find a lease option in my area. Coming from a tourist town, lease options are pretty popular in her area. The problem is they are not popular in my area. She is not gonna work for the first year she is here so they are not going to be able to afford what they otherwise could. They also don't really want to have to move after the first year so they would like to find the house they like and use a lease option the first year and the purchase after she gets a job and they have more income.
I talked to my mortgage broker and he said he doesn't like interest only loans much but this could be a situation where one could be useful. Since she is looking to get a job after the first year they could refinance and get a conventional loan. I don't want to lose a customer over a lease option but like I said noone seems to want to do them around here. Anyway, does anyone have any good or bad opinions on lease options, have you had any experience with them.
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