Notice: Option Fee Reduction / Down Payment Reduction!
Your Path to Homeownership Starts Here:
2634 Ridgeway Drive,
Gautier, Mississippi
Unlock Your Dream Home with a Flexible Path to Ownership
Property Highlights
Remodeled Single Family Home
$169,999.99
4 Bedrooms
Garage Converted to Large Bedroom
1274 sq ft
New Kitchen/w
White Shaker Cabinets
Ceramic/Vinyl Flooring
Washer/Dryer Hookup
3/4 Fenced Yard
Conveniently Located for Work and Play
1 New Bathroom
Build 1970
Quartz Counters w/
Large Deep Stainless Sink
New Water Heater
Ceiling Fans in All Bedrooms,
Living Room, and Dining
New Stainless Standing Range/w
Stainless Curved Stand-Alone Vent Hood
Gautier Municipal School District
More Pictures to Come
Flexible Purchase Options
Your Key to Homeownership
Rent-to-Own Program
$169,999 Total Price
$8,500 - Option Fee/Down Payment
$1,500.00 Monthly Rent Payment
$300 of your monthly $1,500 on-time rent payments goes directly towards your down payment
Verification of Income and Job Status Apply
36 Month Lease-Option Term/Renewed Yearly
After Lease Term - Convert to Owner Financing
$165,492.88 Balance Financed including 3 points
$1,534.94 Monthly Plus Property Taxes and Insurance
Owner Financing Program
$169,999 Total Price
$17,000 Down Payment
$157,589.99 Balance Financed including 3 points
40-Year Term
10.99% Interest Rate
No Bank Qualification
Verification of Income and Job Status Apply
$1,461.64 Monthly Plus Property Taxes and Insurance
How Our Program Works
Simple and Effective
$300 of your monthly $1,500 on-time rent goes directly towards your down payment
Build Equity while improving your credit
Designed for Individuals with less-than-perfect credit
If after 3 years you still cannot qualify for "traditional financing" we will provided you have no judgments or liens
Your job and income are your primary qualifications
Qualification Requirements
Your Dream Home Awaits
*Disclaimer: Subject to final approval. Terms and conditions apply
Stable Employment
Verifiable Income 3x Monthly Payment
$8,500 Down Payment Availability
Debt-to-income Ration Assessment
Willingness to Improve Credit
Contact Maxwell Rent to Own
Your Home
Your Info is 100% Confidential
FAQ Lease Options/Owner Financing
Commonly Asked Questions
What exactly is a lease option/rent-to-own arrangement?
A lease option is a contract that allows a potential buyer to lease a property with the option to purchase it later at a predetermined price. It combines a standard rental lease with an exclusive right to buy the property, typically giving the renter more flexibility and a path to homeownership that bypasses traditional mortgage requirements
How does the financial structure of a rent-to-own deal typically work?
In most rent-to-own arrangements, the tenant pays: A non-refundable option fee (usually 1-8.5% of the home's price) Monthly rent, with a portion of the rent (often 10-30%) credited towards the future home purchase. The agreed-upon purchase price is typically set at the beginning of the contract. The tenant is responsible for maintenance and repairs during the lease period
What are the primary benefits for potential buyers?
Key advantages include: Opportunity to build equity while renting. Time to improve credit score. Ability to "test" the home and neighborhood before full purchase. Potential to lock in a purchase price in a rising market. Alternative path to homeownership for those with credit challenges
What are the potential risks for buyers in these arrangements?
Significant risks include: Losing the option fee and rent credits if unable to purchase. Potential for overpriced property. Risk of seller foreclosure. Possible maintenance cost burdens. Complexity of legal agreements
How long do typical lease option agreements last?
Most lease option contracts range from 1-5 years, with 2-3 years being the most common. This provides sufficient time for buyers to: Improve credit scores. Save for down payment. Secure traditional financing. Assess long-term suitability of the home and neighborhood
What credit score and financial requirements are typical?
While more flexible than traditional mortgages, most sellers look for: Minimum credit score of 580-620. Steady income documentation. Ability to demonstrate future mortgage qualification potential. Sufficient savings for option fee and potential down payment
How is the home's purchase price determined in a rent-to-own agreement?
Purchase prices are typically established through: Current market appraisal. Agreed-upon future value projection. Fixed appreciation rate (often 3-5% annually). Negotiation between buyer and seller at contract initiation
What legal protections should be included in the contract?
Essential contract provisions include: Clear purchase price terms. Specific rent credit calculations. Maintenance responsibilities. Conditions for option exercise or forfeiture. Consequences of default. Property condition assessment. Professional legal review recommended
How does owner financing differ from a traditional lease option?
Owner financing involves: Seller acts as the lender. Buyer makes direct payments to seller. Often involves a promissory note and agreement for deed. Typically requires larger down payment. More direct ownership transfer process. Potentially faster closing timeline
What are alternative paths if the buyer cannot complete the purchase?
Potential alternatives include: Contract extension Renegotiation of terms. Forfeiture of option and credits. Selling the option to another buyer which is prohibited in our program. Seeking traditional financing. Exploring other properties. Each of these arrangements has unique complexities, so potential buyers should: Conduct thorough research. Consult real estate attorneys. Get independent property appraisals. Carefully review all contractual terms. Understand personal financial limitations. Consider long-term financial implications. While these options can provide alternative paths to homeownership, they require careful consideration and professional guidance to navigate successfully
Call Us: 228-235-3815 | Email: [email protected]
Copyright © 2024 Maxwell Powell | All Rights Reserved.
1741 Jackson Avenue
Pascagoula, Mississippi 39567
We make buying your home in Gautier, MS easy and fast!