picture of the front of 1317 e alcott street in kalamazoo mi 49001

1317 E Alcott Lease Option

Please read all information carefully – the owner is not answering questions until all steps on this page, including mortgage application fee, are complete. You will be applying for a mortgage to determine your eligibility to have a lease option on this property. 

Lease Option Breakdown + Fees

  • $150k Purchase Price – No negotiations (this is to account for increase in property value over 2 years.)
  • $50k Down Payment – No Exceptions
  • 11% Interest Rate Amortized over 30 Years
  • 2 Year Balloon Payment – You must pay off $100k + transfer remaining at this time.
  • Monthly payment will be $1350 – $952.32 will be amortized for the mortgage. The remainder is to cover taxes + insurance. You are not able to shop for different insurance. Any additional payments will be put towards interest first.
  • You are responsible for the fees of all maintenance including but not limited to painting, heating/cooling, electric, and plumbing. 
  • You will pay all closing costs for deed transfer, transfer tax, and other fees commonly paid by the seller.
  • You will pay $75 per household member over 18 living in the house to determine mortgage eligibility. If you do not seem 100% likely to be approved for a $100k mortgage in 2 years you will not be approved. This fee is non-refundable.
  • You are responsible for coordinating and completing any requirements with the city of Kalamazoo to be rental certified.
  • Supporting documents must be provided with application and will be requested again during mortgage application. 

If you qualify above please fill out this form

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