Mortgage Glossary
Lease Option
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A lease option is an agreement that lets a tenant rent a home with the right to buy it later at a set price, often with part of the rent credited toward the purchase.
What Lease Option means
It gives buyers time to improve credit or save while locking a price. The option fee and rent credits are typically non-refundable if the tenant does not buy. Terms vary widely and should be reviewed carefully.
Florida example
A renter in Tampa signed a two-year lease option at $280,000, with $300 of each month's rent credited toward the down payment when they later qualified for a mortgage.
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