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.