Northeast Shores Development Corp. offers an exciting Lease to Purchase Option Program

Throughout North Shore Collinwood, there are a number of homes just waiting to be purchased. However, strict lending guidelines are preventing many prospective homebuyers from qualifying for homeownership.  Northeast Shores is offering a Lease with Option to Purchase Program to assist those with the desire to become a first time homebuyer.

            With the help of Northeast Shores, homeownership is becoming a reality for people to live, work and play in the North Collinwood neighborhood. If you are unable to purchase a home immediately, a lease to own option could be right for you.  Lease payments will be based upon the projected monthly mortgage payment when you become a homeowner. Making a monthly lease payment allows the lease purchaser to adapt to paying a monthly mortgage payment. Typically, monthly mortgage payments consist of paying taxes, principle and insurance. In addition to the mortgage payment, the lease purchaser would be responsible for paying the basic utilities: electric, gas and cable. However, Northeast Shores will continue to pay water, sewer and address any maintenance issues until the lease purchaser becomes the homeowner. This program allows potential homebuyers the opportunity to ease into becoming a homeowner.

There are several qualifying factors.  The first step, however, is to attend a FREE 8 hour HUD certified homebuyer education class, which will prepare lease purchasers to become future homeowners. The counselors will assess your credit report and savings so as to implement an action plan which consists of a budget analysis while accomplishing the goal of paying off debt. If the Lease Purchasers credit score can be brought to 620 or above within a 12-18 month time frame, they will qualify as a Lease to Purchaser.

Look for the Northeast Shores “House Today Home Tomorrow” signs in front of Collinwood area homes for your chance to become a first time homebuyer. Remember, if you are looking to buy a home in the North Shore Collinwood Community, you can do this! It may just be a house today, but it could be your home tomorrow!

To inquire about this program contact Camille Maxwell, Real Estate Development Director, (216) 481-7660 ext. 30 or email: cmaxwell@northeastshores.org