The Best Option
Are you struggling to find a property for rent that you like?
Are you close to being able to purchase a home but aren't quite there yet?
Did you just move to the area and aren't quite sure where you want to live?
Do you need to rent right now but really want to buy a home in the next few years?
Home Partners' Lease with a Right to Purchase Program may be right for you!!
How The Program Works
Apply to the program and your designated agent will help you find the home that you desire from the homes that are currently for sale on the market. Home Partners will buy the property and then rent it to you. You will have the certainty of rent for 3-5 years with only a one year financial commitment on the lease.
Most importantly, you can purchase the home you selected from Home Partners at a price established when you enter the Right to Purchase Agreement. This is an exciting opportunity for prospective homeowners!
We encourage you to consider completing an application to the Lease with a Right to Purchase Agreement. Please fill out the form to the right to get started and you will be contacted with more information.
What is the Lease with a Right to Purchase Program? Lease with a Right to Purchase Program (the “RTP Program”) allows you to find a home that you want to rent from us initially, but who may also like to buy at any time within the next three to five years.We believe that there are many households who may be thinking about buying a home but for whatever reason would like to rent at the current time.
You can lease the home for up to three to five years, depending on the state, and you may purchase the home from us at any time at a predetermined price in accordance with the Right to Purchase agreement.
Who is eligible for the RTP Program? We have certain minimum criteria for our program. Your household must have an annual income of $50,000. You must have stable employment. We cannot accept you into our program if you or anyone in your household has a history of eviction or a pending bankruptcy. Everyone in your household will be subject to a criminal background check.
How do I apply to the RTP Program? Every member of your household who is 18 years of age or older must complete the Pre-Qualification Application and the Full Application. The Full Application requires certain information, including residence and employment history, for each member of the household. You also must provide income verification for each member of the household whose income is to be considered in determining the rent approval amount in order for your application to be considered complete.If you are moving from a different state or starting a new job, we will need confirmation of your new job and income.We take several factors into consideration when reviewing an application, which include household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, and FICO® scores.We will usually make a decision on your application within 1 to 3 business days of receiving all required information.
How much does it cost to participate in the RTP Program? We have a one-time Application Fee of $75 per household that must be paid online as part of the application process. This Application Fee covers all applicants in the household and is nonrefundable.
Why might my application be denied? We take several factors into consideration when reviewing an application, which include household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and FICO® score. We consider the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.
How do I find a home once I’m approved? You should work with your REALTOR® to search for homes that meet our purchasing criteria. Generally, this means that the home should be:
- Located in an approved community
- Listed for between $100,000 and $400,000 in most states, though exceptions apply;
- Located on a lot no more than two acres with a minimum of two bedrooms;
- A single family home or fee-simple townhome; condo associations, condo interests, commercial and multi-family properties are not eligible for the RTP Program;
- A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program;
- Free from material deficiencies;
- No guest houses/ in-law suits with separate entrances;
Please note we only purchase homes with swimming pools or other water features in certain states. At the current time, we purchase homes with pools only in Florida, Georgia, Texas and Southern California.
Once you have selected a home, the REALTOR® must submit it to us online.
7. Do you own the homes shown on your website? No. The homes shown on our website are listed for sale in the markets in which we operate. This list of homes automatically feeds into our website from a listing service and is updated on a regular basis. However, we cannot filter for certain criteria such as whether a townhome is or is not fee-simple so there is a possibility that a home shown on our website does not meet our minimum eligibility criteria. The information on available homes shown on our website is for informational purposes only and cannot be guaranteed by Home Partners.
Is there a required deposit? Yes. Generally, we require a deposit equal to two months’ rent. This deposit is not applied towards your rent. If you decide to leave the home at the end of any one-year lease term and you have been in compliance with the terms of the lease and return the home in the same condition it was in when you moved in (normal wear and tear excepted), the full deposit will be returned to you or credited to the purchase price if you buy the home. The full deposit (less any outstanding charges owed to Home Partners) is also returned to you if you exercise your Right to Purchase the home.
How long does it take from when I select a home to when I move in?On average, it takes approximately five to six weeks from the time we enter into a purchase agreement for a home until the day you are able to move in. There are a number of variables that may affect the move-in timeframe, including the length of negotiation with the seller leading up to when we enter into a purchase agreement, what the home inspection reveals with respect to required repairs, and the renovations you request. We will keep you informed throughout the entire purchase and renovation process so that you are aware of this timing.
What happens after I move in? You are tenant. You have entered into a lease with for one year and are bound to the terms of that agreement.
We are excited to get you on this next step!!