Properties in Newport News, Virginia, offered under a lease-purchase agreement allow potential buyers to rent a home for a specified period with an option to buy it before the lease expires. A portion of the monthly rental payment typically contributes towards the eventual purchase price. These agreements provide a pathway to homeownership for individuals who may not currently qualify for a traditional mortgage due to credit issues or insufficient down payment.
This type of arrangement can be beneficial for both the renter and the homeowner. Renters gain time to improve their credit score and save for a down payment while living in the desired property. Homeowners can secure a tenant while potentially selling the property at a predetermined price. Historically, lease-purchase options have provided a flexible avenue for navigating fluctuating real estate markets.