Frequently Asked Questions
Have some questions. That’s completely normal; many individuals do. Below is a compilation of common inquiries we receive, accompanied by our responses. Should you have any further questions, feel free to reach out to us at TC Legacy Holdings anytime. We are here to assist you.
Q: What is a lease option program?
A: A lease option program enables you to lease a home with the opportunity to buy it in the future. This program is ideal for individuals looking to eventually own a home but may not be in a position to make a purchase right away.
Q: Understanding the Down Payment in a Lease Option
A: In our lease option program, the down payment, also known as an option fee, is typically a percentage of the home’s purchase price (up to 10%) that is paid upfront. This sum serves as a credit towards the purchase price should you choose to buy the property.
Q: Do I need to qualify for a mortgage now?
A: No, with our lease option program in Fairmont, you do not have to qualify for a mortgage right away. This allows you the flexibility to save, boost your credit score, and get ready for a future mortgage, ultimately making owning a home more achievable.
Q: Will you be checking my credit?
A: No, credit checks are not mandatory for our lease option program in Fairmont. At TC Legacy Holdings, we acknowledge that each individual’s financial history is unique, and we are committed to offering pathways to homeownership without being hindered by previous credit obstacles.
Q: Can the purchase price change over time?
A: No, the purchase price is set at the start of your lease option agreement. This safeguards you from market price fluctuations and ensures financial predictability for your future purchase.
Q: What if I opt not to purchase the property?
A: In the event that you decide not to proceed with the purchase, the option fee along with any other mutually agreed payments are usually non-refundable. It is crucial to evaluate your future goals carefully prior to engaging in a lease option agreement.
Q: Does any part of my monthly rent go towards owning the property?
A: Yes, in our exclusive program in Fairmont, West Virginia, 20% of your monthly rent is applied as credit towards the purchase price of the property.
Q: Do I need to cover property taxes while leasing in Fairmont?
A: Yes, under our lease option agreement in Fairmont, you will be responsible for the property taxes on a monthly basis. This method aims to familiarize you with the financial obligations that come with owning a home in Fairmont.
Q: Can I make changes or upgrades to the property during the lease term?
A: Absolutely! We encourage you to personalize the space with your own decorations and make minor modifications to suit your style. For any major renovations or alterations, please reach out to discuss and obtain approval beforehand.
Q: What is your Down Payment Assistance Program?
A: Our Down Payment Assistance Program in Fairmont is tailored to assist individuals in gradually saving up for their 10% down payments. This is achieved by making monthly supplementary payments to build up the down payment fund.
Q: Ready to learn more about our lease option program in Fairmont?
A: Take the first step by reaching out to us at TC Legacy Holdings! Our team is eager to discuss your unique situation and preferences. We’ll guide you through the available properties, the application process, and help you secure your dream home through our lease option program.