Gainesville FL Kicks Off Rent to Own First Time Homebuyer Program
The city of Gainesville, home to Gator Football nation, in a recent decision has launched a rent to own / lease option program for first time home buyers. The program will be named the “The Homebuyer Lease Purchase Program” and is designed to help families who would otherwise be unable to qualify for a home mortgage loan currently. Teresa Osoba, a supervisor for the city’s housing and community development division, says that the programs goal is to allow people to work on their credit problems that prevent purchasing while renting their future home.
To succeed with the program the applicant leases the home and is provided with a 12-month period to resolve any issues like credit woes. The monthly lease payment is divided between rent and excess credit, the excess is then set aside for the downpayment and closing costs.The resident must be a first-time homebuyer in order to partake in this program, and must also meet income requirements and has been pre-qualified by a city of Gainesville certified lender.
In addition, going to a city-approved homeownership education and training workshop is required within the 12-month lease period. We at US Lease Option applaud the efforts of Gainesville city leaders to responsibly help residents purchase homes. For more information on the HLP Program read the article in the Gainesville Sun where we first got wind of this story. If you are eligible for this program and looking check out our listings of Gainesville Rent to Own Homes today!