Imagine having the opportunity to live in a home your dream of but was not able to afford right away. There is an option available to allow you to rent a home to buy in the future. Home Partners of America is a great program available to future homeowners.
You get to choose the home you want and Home Partners purchases the home from the seller. At the same time, you enter into an agreement with Home Partners to lease the home for up to five years with the right to purchase it at any time in those five years. All the numbers are agreed to up front, so there are no surprises later.
For homebuyers, here’s how it works:
- Prospective residents start the process by filling out a pre-qualification application, paying a one-time, non-re- fundable fee of $75.
- Qualified applicants must have an annual income of $50,000, stable employment, and no history of eviction, pending bankruptcy or criminal conviction.
- Once the pre-qualification application is approved, the applicant submits a full application consenting to a full credit and background check.
- From there, Home Partners of America will outline the maximum monthly rent of the home for which the prospective resident qualifies.
- Once approved, prospective residents work with a Realtor to find a home in an approved community. I help you find a home that meets your family’s needs and budget.
The criteria for the homes approved are primarily based on the high school district the home is located in. Home Partners of America will attempt to purchase the home, pending an agreed-upon purchase price with the seller, a satisfactory inspection, attorney review of the purchase contract and other closing conditions.
Home sellers can benefit from this program as well. If you are considering listing your home for sale, Home Partners could be a potential buyer. Please call me for more details of how we can add this option to our marketing package for you.