If you enter into a lease with option to Buy you must give option money to secure the agreement.
If you end up buying the home you have a lease option on, you will want to get credit for the money you gave as option money towards your down payment.
However, you are going to have to prove you gave that money when you get a loan to buy that house.
How do you prove it?
If it’s certified funds you need to keep a copy of the certified check.
If it was a personal check – you need to keep a copy of the cancelled check (front and back).
Don’t give cash!
Anything less than this – the underwriter will not give you credit for giving that money.
That’s it for today. …Have a good week!
Brett
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