Lease to Purchase: How Albuquerque Renters can become Owners
(Transcript Snippet): “Tracy: Speaking of renting. So we really wanted to talk about a program for people who are renting or want to be renters that want a path to home ownership. Basically. Now there’s lots of ways that we can use this program, but we have a program to help people who are maybe not ready to buy. For some reason, they need to get their credit score up above bed, or they need to be in a career for a little bit longer than what they have been before they can get the loan that they want. Lots of reasons why they might need to rent a little bit before they buy. So this program is very much like a lease purchase.
Tego: Yeah. Let’s talk, lease purchase or lease purchase is something that’s been around forever where it’s okay, I’m going to lease it for this amount of time. And then at a future date, I’m going to purchase
Tracy: It. Right? Yeah. Then typically that purchase price is pre-determined. At the time you put the lease together, sometimes the amount of what you’re paying monthly, the person who owns the home will give you like a hundred dollars credit for each month you’ve been a tenant there and kind of hold that and help you build your down payment. There’s lots of ways they’re done, but this is a little bit different than that.
Tego: It’s a program that’s available to really anybody that maybe they’re not in a position to purchase right now for, for whatever reason could be credit, could be just not sure if they want to commit long-term they, they want to rent. Maybe they want to try out the house for a little
Tracy: Bit out the neighborhood or quiet the mountain. Exactly. And so what this
Tego: Program is, this is a group that we, we have partnered with that allows the, the person to go pick out a home
Tracy: That’s for sale.
Tracy & Tego Venturi
Venturi Realty Group
1119 Alameda Blvd NW
Albuquerque, NM 87114