Lease with a Right to Purchase Program

 

   
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HOW IT WORKS

Here's an overview of how the Home Partners' Lease with a Right to Purchase Program process works, from pre-qualification to application to approval to home close:

STEP #1: COMPLETE PRE-QUALIFICATION QUESTIONNAIRE

Home Partners of America considers the credit, background, and income of all full-time household members 18 years of age and older who are listed on the initial application. 

The Pre-Qualification Questionnaire consists of 12 credit and background screening questions, however, this list is not exhaustive and additional factors may be considered. 

Key Considerations:

  • Combined household income of $45,000+ per year (before taxes)
  • Average credit score of 580 for all household members on the application
  • No open bankruptcies
  • No evictions in the last 3 years

Click Here To Download the Pre-Qualification Questionnaire


STEP #2: SUBMIT FULL APPLICATION WITH HOME PARTNERS

If your pre-qualification is approved, its time to submit a complete application!  

Home Partners considers the credit, background, and income of all full-time household members 18 years of age and older who are on the initial application to determine your maximum rent allowance.

Your maximum rent is based on your household’s debt and income and cannot exceed 35% of the gross monthly income for the household. Additionally, the monthly rent approval amount plus your household’s pre-existing, non-mortgage debt must not exceed 45% of your households gross monthly income.

Click Here to Download the Income Verification Criteria 


STEP #3: FIND YOUR NEW HOME!

Congratulations! It's time to find your home!

Along with your approval, Home Partners determines a maximum rent allowance for your household, which equates to a maximum purchase price. 

Home Partners will only purchase homes that are located in approved communities that meet basic criteria, as outlined below. 

  • Single family home or fee-simple townhome
  • Located in an approved community
  • List price between $100,000 and $300,000
  • Minimum of two above-grade bedrooms
  • Lot must be two acres or less
  • Home can be a traditional sale (MLS) or a FSBO (For Sale By Owner)

Click Here to Download the Comprehensive Property Guide

 

STEP #4: HOME PARTNERS BUYS THE HOME, LEASES IT BACK TO YOU

Home Partners buys the home. You lease it and have the right to buy it later, should you wish.


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