Frequently Asked Questions

What is CeaseMyLease?

As a Renter you will receive up to $6,000 or up to $500 for every month you paid rent on time for the last 12 months, towards your closing cost. This program brings together top Realtors and Loan officers for your home buying team. It was designed to increase home ownership among current renters. CeaseMyLease is intended to reduce risk and streamline the home buying process. Our Real Estate agents are experts in getting you additional savings and are skilled at retrieving seller concessions that can help you get an additional five to twenty thousand dollars towards your closing costs.  

Why is someone from a mortgage company trying to contact me?

CeaseMyLease has Lender partnerships in 40 states. Your program specialist (and Licensed Loan officer) is well qualified in figuring out the best solutions for first time home buyers. Many $0 down payment and low-down payment options are available. Your program specialist will help you with every part of the loan pre-qualification process. Once you are pre-qualified the next step will be to get you back in contact or introduced to your local CeaseMyLease Real Estate Agent partner. 

Do you offer down payment assistance?

YES. Down Payment Assistance (DPA) programs are available in all 40 states that CeaseMyLease is participating in. Your CeaseMyLease Program Specialist is trained in the various DPA programs and will explain your options. DPA programs are sometimes structured differently, and eligibility guidelines varies by city and state. 

If I used a DOWN PAYMENT ASSISTANCE PROGRAM would the FREE money have to be repaid?

With some you do and some don't. There are many different Down Payment Assistance (DPA) Programs available through our lending partners. There are some programs that do require that the down payment given to you to be repaid if you sell the home within a certain number of years. Other DPA's are totally forgivable - meaning you do not have to repay the financial help you received. Your program specialist will go over all the options, availability, and specific guidelines for DPA programs in your area. 

Do I have to be a Renter/tenant?

Yes. CeaseMyLease recently expanded the program to 40 States.  We are committed to serving folks who would like to become homeowners, and enjoy the many socio and economic benefits of home ownership. 

Can I only buy certain homes?

No. You may purchase ANY home for sale, in ANY neighborhood.  If you are obtaining financing to purchase your home, there might be restrictions based on appraisal issues and for what your buying power is based on your loan approval.

Is there an application fee?

No. There is never any application fee.

Are there any up-front fees?

No. There are never any up-front fees charged by CeaseMyLease, our lending partners or Real Estate Agent partners. Once you find your perfect home and get your offer accepted there will be some money you need for "earnest" money, a home inspection, if you decide to do one, and a home appraisal if you are getting financing for your new home. 

Is there a fee for using the CeaseMyLease® Program?

No. There is no fee for using the program. In addition to the contributions towards your closing cost,renter/tenants may receive additional discounts on homeowners insurance and other services like credit repair. 

Will you pull my credit?

No. CeaseMyLease will never pull your credit or have access to your personal financial information. When you click, Reserve my Funds, and complete the short Application, you will be contacted by a Program Specialist who is also a Licensed Loan officer in the state you are applying in. They will go over the program with you, answer any questions and discuss your financing options you may be eligible for. When you apply for home financing, your credit would be pulled during your mortgage application process.? You will have to give them separate authorization to allow that to happen. 

Do I HAVE to be a First Time Home Buyer?

No. You may have owned a home in the past but are currently renting.

How do I know what loan program(s) I qualify for?

Your Program Specialist, who is a licensed loan officer, will help you understand all your options and guide you through the financing process based upon your individual circumstances. They will help you decide, based on if you are looking for the lowest monthly payment or the lowest down payment or something else. When they go through a complete prequalification, to make sure you have the buying power you are looking for, they will take into consideration your current income, debt obligations, credit, asset accounts for down payment and closing cost, if any are needed.

Can I buy with NO Money Down?

Yes. "No money down" can mean no down payment but it could also mean no down payment and no closing cost. Our lending partners have put together both options for many different clients. Even with these financing options a home buyer would still need "Earnest" money, "home inspection" money and "Home appraisal" money. There are very few times when no money is needed, not impossible but not probable. Typically, you will need some money set aside to buy a home. 


Is CeaseMyLease® a Lender?

No. CeaseMyLease utilizes national preferred lending partners. CeaseMyLease does not collect, store or have access to your personal financial information and does not receive compensation from mortgage loan transactions. When you complete the online application, you will be contacted by a licensed Program Specialist from one of our preferred lenders who is knowledgeable in the programs available to you, this will include the CeaseMyLease contributions and various down payment assistance and other programs. 

What will my interest rate be?

Since CeaseMyLease is not a lender, we do not set interest rates. Your interest rate will be determined by the current market and mortgage company who provides your loan.

Do I need to use a CeaseMyLease Real Estate Agent?

Yes. To receive the full benefit of the CeaseMyLease Program, you need to be exclusively represented by a CeaseMyLease Real Estate Agent Partner. Our Agent Partners are excited and contractually obligated to contribute a portion of their commission towards your program benefits. Our Agent Partners are all trained, licensed professionals and members of the National Association of Realtors. You can decide to use a non-CeaseMyLease agent, but you might not receive the benefits from the agent contribution, as they are not required to contribute any of their commission.

What if I already have an Agent? Can I work with my agent if they are not part of the program?

You are welcome to use any agent you would like to work with. If you work with an agent who is not part of the program, they are not required to give you any money towards your closing cost. CeaseMyLease Real Estate Agent Partners are excited to help renters become homeowners and participate financially in helping with up to $500/month for every month you've paid rent on time for the last 12 months. If your agent is passionate about helping other renters become homeowners and is a top negotiator, we would love to have them on our team and give them other families to help become homeowners 

What are seller Concessions?

This is money from the seller that you and your CeaseMyLease Real Estate Agent Partner will negotiate.  You can have the seller pay you up to 6% of the sales price, on some loans, that would cover your closing cost and buy down your interest rate, for a lower monthly payment.  CeaseMyLease Real Estate Agent Partners are very experienced at getting large concessions from the sellers when writing an offer on a home for you!  It is considered money sellers are willing to pay you to buy their home. 

What home loan programs are available with CeaseMyLease?

The most common loan types; FHA, VA, USDA, Conventional and Jumbo financing option. There are also many Down Payment Assistance (DPA) programs available to renter/tenants, including many national and local programs.