Prospective Maricopa homebuyers, who don’t have the credit to buy or can’t afford the down payment, just got another option.
Elliott Homes is introducing a lease to own program on all available homes the company has statewide. “We are doing this to help move some product and to help people out at the same time,” said Derek Anglin, a representative for the homebuilder.
In Maricopa Elliott has 20 available homes, ranging from 1,200 square feet to more than 2,500 square feet.
Through the program the renter pays a monthly rent of $700 to $900, depending on the size of the home, and half of the monthly rent goes toward the purchase.
“This way at the end of their lease the potential buyer has around $5,000 for a down payment, and we cover 3 percent of the closing costs,” Anglin said.
When they renter enters into the lease, they also lock in the price of the home at that time. The company sends out a maintenance person to do quarterly inspections just as if the renter had purchased the home new.
Prices of the homes range from $100,000 to slightly more than $250,000.
For more information, contact Nick Riley at (520) 568-7776 or [email protected].
Photo courtesy of Elliott Homes
