Ohio Home Providers - Buying Looking to buy your first home? Starting over after some financial difficulties? OHP may be able to help. Our core business is the purchase, rehab, and leasing of single family homes on a lease-option or rent-to-own basis. Please complete the Buyer questionnaire and we will contact you shortly. What is a lease option? A lease option agreement combines a basic lease agreement with an option and purchase contract. The tenant/buyer pays to the landlord/seller a nonrefundable option consideration that is applied to the purchase price of the home. The tenant/buyer then pays to the landlord/seller monthly rent to compensate the landlord/seller for the tenant/buyer’s use of the property. Rent payments are made on a monthly basis. A portion of the monthly payment can be applied to the purchase price of the home in conjunction with the option consideration. During the term of the lease, but before the expiration of the option contract, the tenant/buyer has the exclusive right to purchase the property as defined in the purchase contract. Benefits of a lease option to the tenant/buyer Option consideration When you execute a lease option agreement, you pay the landlord/seller a nonrefundable option consideration. This money is your vested interest in the property and will be fully credited towards the purchase price of the home. Rent money In certain situations, each month that you pay rent a portion of that money may be credited towards the purchase price of the home. Down payment Since you have given the landlord/seller an option deposit, and you may receive monthly rent credits, you may not be required by your lender to have any additional money for your down payment at purchase. Sales price The sales price will be defined in the purchase contract at the time the lease option agreement is signed. Appreciation Since the sales price is fixed before closing, any increase in property value will mean that your equity in the home is increasing. Credit problems The qualification process to lease option a home is not as strict as conventional financing. You will be approved at the sole discretion of the landlord/seller.