What would you tell me if I told you that: can your dream of owning your own home come true without having to go through the traditional procedures for acquiring real estate?
You would tell me that you are interested in this topic, right? And if I tell you that I help you have the opportunity to live in it until you are sure to buy it… Would you accept? I know yes. That is why I want to introduce you: the Rent Program with the option to Buy.
What is the Rent to Buy Program?
The Lease Purchase Program developed by Home Partners of America provides responsible households with a seamless path to home ownership. The program provides three (in Texas the maximum total lease term is three years) to five years of rental certainty with an initial financial commitment of just one year.
Both Home Partners of America and I believe that even if the time is not right to buy, people shouldn’t settle.
The dream of owning a home can become a reality with the Home Partners of America Rent to Own Program, and my professional support.
Benefits of the Rent to Buy Program
- Transparency: By entering this program, prospective residents receive monthly lease and purchase price information each year for up to five years, so they can plan for the future.
- Options: Home Partners of America provides access to MLS listings in communities, expanding the selection of prospective residents to all qualified homes for sale.
- Value: Home Partners of America purchases homes for prospective residents who want them, providing them with an affordable lease and an annual preset purchase price for up to five years. Plus, there are no hidden fees or non-refundable deposits.
- Control and flexibility: prospective residents have the right to buy the house at any time during their residence, at a predetermined price. If the value of the house appreciates above this price each year, they make a financial profit. If the value of the home appreciates at a rate less than the preset price or falls, you can choose not to renew your lease and leave without penalty.
Potential residents who may be suitable for the Rent to Own Program
First-time homebuyers who are wary about buying a home now, but want to be able to buy a home in the future.
Potential homeowners who have recently moved and are unsure of the right neighborhood to live in.
Potential homeowners who may not be mortgage ready, but want the benefits of single-family home living.
Basic requirements of potential residents of the Rent to Buy Program
- Annual household income of $45,000+
- Stable employment.
- No pending bankruptcy.
- No disqualifying criminal record.
Guidelines for finding a home for the Rent to Buy Program
- The home must be located in an approved community.
- The price of the home must be between $100,000 and $400,000.
- Minimum of two bedrooms above ground level on a lot two acres or less.
- Single-family house or semi-detached house with a simple payment.
- No short sales, REO or auctions.
- No material deficiencies (ie major structural issues, solid aluminum wiring, etc).
How can I access the Lease Purchase Program?
- Apply for approval at HomePartners.com
Potential residents begin the process by filling out a Prequalification Application that checks key issues. If the Prequalification Application is approved, the applicant will be required to submit a completed application for a full credit and background check. If a full application is approved, Home Partners of America will describe the maximum monthly rent for the home for which the prospective resident qualifies.
- Find a qualified home partners home
Prospective residents will work with a Realtor® of their choice (meaning me) to find a qualified Home Partners of America home. Once a home is identified and approved by Home Partners of America, Home Partners of America attempts to purchase the home, the outcome of which will depend on certain conditions being met such as agreeing on a purchase price with the seller, a satisfactory inspection, review by the homeowner’s attorney, purchase contract and other closings if the conditions are satisfied.
- Home Partners of America purchases the qualifying home
Once the seller accepts Home Partners of America’s offer for the home, the prospects will be required to sign a one-year lease for the home, as well as a Right to Purchase Agreement.
- Right of purchase
The resident has the right to purchase the home at any time during their residence at the pre-established purchase price. If the resident decides not to renew the lease, they can leave without penalty.
