Home Partners of America has a lease to own program available for buyers. Click below for more details on a new path to homeownership. There is a video of how the program works and if you decide it's for you, you can even apply today!
Lease to Own
Home Partners' Lease with a Right to Purchase Program allows you to find a home that you want to rent from them initially, but may also like to buy in the next three to five years. 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 three to five one-year terms, depending on the state. Then, you may purchase the home from Home Partners at any time at a predetermined price.
You will need funds to pay the Right to Purchase. Typically, you will need the amount of the down payment. Also, you will need to obtain a mortgage loan from a third party. Among the key considerations that a prospective resident should consider include: The value of the home may not increase above the price at which the resident has the Right to Purchase (i.e. the Right to Purchase Price may be higher than the value of the home). The resident may not be able to exercise the Right to Purchase if he or she does not have the down payment or qualify for a mortgage loan from a third party. Home Partners is not a mortgage company, does not have any obligation to provide or arrange a mortgage loan, and cannot guarantee that a resident will be able to obtain a mortgage loan.
There is certain minimum criteria for the program. Your household must have an annual income of $50,000. You must have stable employment. They cannot accept you into their 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.