Arizona Lease Option FAQs

With the pricing of Phoenix homes on a seemingly steady upward trend, the North Valley team believes this is a very good time for lease option seller financing products. We have come across many individuals and families who have money enough saved for a home purchase down payment but who still have some credit issues keeping them from being able to qualify for a conventional home loan.

FLEXLease is a lease option seller financing program developed to help individuals and families get into homes now while building their credit so they can refinance into a conventional mortgage. The FLEXLease purchase option process has been designed with the core purpose of achieving success for you; for the optionee or buyer. Our team does not believe you will find a better lease purchase program than FLEXLease.

Prequalification

How do I get started?

Our goal is to help set you up for success. Therefore at this stage, we want to make sure it will be possible for you to qualify for conventional refinancing at some point in time. We have a simple and quick preliminary qualification process handled by our financing partners, that does not involve a credit check. We will focus on proof and verification of income, personal references, rental history and references, and a background check.

And after I prequalify?

Once you have prequalified, you will be presented with FLEXLease plans that are available for you, based on your income level and how much deposit you will put down. If you decide to move forward with the FLEXLease option, your credit will then be checked so we can identify exactly what needs to be done to get you to the point where you can exercise your FLEXLease option when the time comes to purchase. These plans, which are laid out by our financing partners, often include a fairly detailed approach that if followed, should lead you to successful conventional loan qualification.

How do I find my home?

FLEXLease Option Products

What is the FLEXLease option contract?

The FLEXLease option contract is structured around the traditional lease option and lease purchase. The buyer or potential homeowner contracts for the option to purchase a property at a later date. Typically the FLEXLease term is between 12 and 24 months. After the FLEXLease contract is signed by all parties, the optionee or buyer will start the lease and begin making monthly payments as per the terms of the contract until the date arrives to exercise the option purchase.

What is the FLEXLease option extension?

The FLEXLease option extension is meant to help those optionees/buyers in the event they need more time than was initially contracted to exercise their option. Although all of our FLEXLease optionees/buyers are given clear and concise plans to help them stay on track so they are able to meet the purchase refinance requirements, day to day life often dictates its own plan. So we have developed this extension product to help when these situations arise.

What is the FLEXLease option buyout?

The FLEXLease buyout option is a product designed to help an optionee/buyer exit out of a lease option or lease purchase agreement they have contracted with another company. Typically when an optionee/buyer does not want or is not able to exercise his or her purchase option, the term simply expires and the lease ends. Depending on the value of the property and the terms of their current lease option/purchase contract, the FLEXLease buyout product may help them exit their current contract with a portion of their down payment back in their pocket.