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Autumnwood has a variety of options to fit just about any housing need.  Our core program is the Lease Purchase Program.  To help you understand the Lease Purchase Program further, we offer the following commonly asked questions and answers.  We encourage you to call and speak with an associate to review your specific needs and goals.


What is a Lease Purchase?  Our program provides you with an initial three year period to purchase your home.  After you find the home that is right for you, you sign a lease agreement and a purchase contract.  The purchase contract specifies the exact price of the home and locks the price in for the three year period.  This means you and only you can buy the home during the contract period and you know exactly what you will pay for it.  After you start your agreement you improve your credit and finances so you can qualify for a home loan and purchase the home anytime during the three year contract.  100% of your down payment is applied toward your purchase.

How did Lease Purchase get started? Our Lease Purchase program was created because not everyone is able to put 20% down and purchase a home through conventional financing.  In addition, many people have had setbacks which affected credit history and finances.  If your credit and finances are not perfect, many lenders are not willing to work with you.  This is where we can help . The Lease Purchase program was designed to provide our customers a stepping stone to home ownership with less money down than conventional financing while they correct their credit problems.  The Lease Purchase program provides our customers with the flexibility they need to move into a home now and purchase later. 


Does your down payment go toward the purchase price of the home?  Absolutely.  The money you put down on your home in our program goes 100% toward your purchase price.  No more wasted money on landlord rents!  As an example; if you put $5,000 down on a $145,000 home you would then owe only $140,000.  The $5,000 down payment is applied completely to the purchase price of the home as part of your down payment requirement when you obtain financing and complete your purchase.  

Does any amount of the monthly payment go toward the purchase price of the home?  Absolutely.  Stop throwing money away each month for an apartment or rental home.  With our Lease Purchase program a fixed portion of your monthly payment is applied toward the purchase price of the home. This amount varies depending on your monthly payment but is usually $50 to $200 per month.  This credit can add up quickly.  For example; if you have a monthly contribution of $100.00 for 36 months you will have an additional credit of $3,600 to use toward your purchase.  Lenders typically dictate how this credit is applied but most customers use it to cover some or all of their closings costs with their lender when they obtain a loan.  Other customers elect to apply the credit toward the purchase price.  It is up to you. 


Is bad credit accepted?  Our main requirement is a good down payment and a good job showing your ability to afford the monthly payments.  We can work with past credit issues especially if they are older.  You should be current on any open credit accounts with on-time payments over the last twelve months.  We realize that people who put good down payments together are serious about buying a home.  To learn how we can work with your specific credit issues and assist you with your credit issues please call and speak with an associate. 


What if I have a Bankruptcy?  If you have filed bankruptcy in the past and it is discharged, the Lease-Purchase program may be a great fit for you and give you the needed time to accomplish your goal of home ownership.  In most cases, two to three years are required by lenders after your bankruptcy is discharged before you can qualify for a mortgage.  In our program, you have up to three years to purchase the home at any time with an additional year as an extension if necessary.  We do require bankruptcies to be discharged prior to contract signing and occupancy.


What is an acceptable down payment? Down payment requirements will vary with each home and your credit, but most of the time it is 2% to 5%! We have worked with less, but keep in mind your future mortgage will be smaller with a greater down payment, which will reduce your future mortgage payment.  We advertise minimum down payments for each home to provide starting points for interested customers. 


How long is the Lease Purchase program?  Our Lease Purchase buyers have an initial three years to qualify for a mortgage and complete the purchase.  Use as little or as much of the three year period as you need.  This time is used to get your credit cleaned up and save some additional money for a greater down payment on your future loan if needed.  Once the customer is ready they go to the lender of their choice, get a loan, and complete the purchase of their home.  Obviously, everyone wants to accomplish this goal as soon as possible but you will never be pressured to complete the purchase of your home until you are ready.  You determine the schedule.  Our standard agreement also includes a one-year extension giving you a fourth year if you need additional time.


What if I can't get a bank loan within three years? We are always willing to renew leases and to continue to work with our customers as long as it takes. We have never asked anyone to move because they could not buy the home.  Some families have purchased after leasing for 7 years.  Most customers are able to put themselves in great position within the first three years if they focus on their credit and finances from the start. 


How successful is the Lease/Purchase program?  Autumnwood is very successful in helping families obtain financing for their homes. Click here to read our testimonials. Over 100 families have successfully purchased our homes through the Lease Purchase program. 


How long does the approval process take?  After you view a home and decide to move forward, we will email you a personal link to complete your application.  The process takes place via a secured website, is very straight forward and we keep you updated during the review process.  In most cases, we can approve you within two business days of receiving a completed application and the $45 application fee.  The application fee covers up to two adults and is processed securely online while you complete your application.


Can you be flexible with the down payment?  Yes.  We realize that putting together a down payment can be difficult so we do everything we can to help make it as easy as possible.  We offer a 45 day hold option on our homes.  This means you do not need the full down payment right away.  You can put a portion of the down payment in place to sign up on the home and take it off the market.  We will create a personalized payment plan that provides you additional time to build up your down payment prior to move in.  We can also schedule future down payment installments while you are leasing the home to help you reach your goal of a solid down payment for future financing.  Some of our most successful customers schedule recurring down payment installments while in the home and built up amazing down payments which makes their financing easier.  

Does Autumnwood provide appliances?  Most of our homes come with a dishwasher and microwave.  Typically the customer provides their stove and refrigerator.  We do offer a 90 day payment plan on new appliances on a case by case basis.  We also can provide appliances for an additional monthly fee in some cases. You can contact the office to inquire further.

How can I be sure I'm getting a good home?  Autumnwood has been building and remodeling quality homes since 1987.  Read what the Building Industry Association of Central Ohio (BIA) and some of our customers think of Autumnwood by viewing the Testimonial section. Most of our homes offered for Lease Purchase and rent were built or remodeled by us.  All of our newly constructed homes come complete with a three year structural warranty and a one year warranty for the following: Furnace, air conditioning, roof, sump pump system, disposal, dishwasher, and microwave. We also offer a Service Plan with every Lease Purchase which provides the utmost protection to our customers.  We provide a convenient online customer portal for maintenance requests.  


What is Autumnwood's Pet Policy? A small dog under 35 pounds and over a year old would require an additional down payment or deposit. We also require a monthly pet fee of $50.  We do not allow the following types of dogs: Akitas, Alaskan Malamutes, Belgian Malinois, Chows, Dobermans, German Shepherds, Great Danes, American Indian Breed, Huskies, Mastiffs, Pit Bulls, Rottweiler's, St Bernard, American Staffordshire Terrier, Presa Canario, King Corso, Dogo Argentino and Wolf Hybrid.  If you have other types of animals, contact the office to discuss approval prior to applying.

Is the Lease Purchase program ideal for someone with good credit? Yes! If you have good credit your approval with us is easy.  You can move into a home right away without any delays and then shop for the best rates available for your bank refinancing. Furthermore, if you are in a position to purchase the home within the first six months we can discuss an additional discount on the price. These days, going through a lender for financing can take up to 90 days even with good credit.  With our program you can move in right away and then take the time you need to buy.  For more information call the office and speak with an associate.


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