Lenders, even lease finance companies such as Smart HomeLease, like to see a down payment of at least $1000. If all other criteria look good, a $1000 down payment can be financed over the first year. This payment is in addition to your Smart HomeLease payment, thus, you will be accumulating money in your HomeBuyer's Account from your monthly payment, also.
It's simple! Just add an additional $83.50 to the monthly payment to enable you to save up the basic down payment over the first year, adding it to your HomeBuyer's Account. When calculating your monthly payment, add 1% to your interest rate.
Just in case you are considering this option even though you have cash for a down payment, financing a home with nothing down increases the interest rate causing you to pay more in interest. The higher interest does NOT go into your HomeBuyer's Account. It is compensating the lender for the higher risk of a zero down payment loan.
