Hey it’s Rudy here to talk with you all about an awesome program for those wanting to lease to purchase. Home Partners of America is a great company that can help you accomplish your dream of owning a home. Here is how the process works…
Home Partners of America purchases a home for you of your choosing, then they lease it to you for a period of 1-5 years. Within that 1-5 years you have the right to purchase the home or not. The great thing is you purchase the home for a predetermined and agreed upon price not the current market value!
Who is this program good for? This is a great program for a person who is new to the area and may not know the exact neighborhood they want to live in. This is also a great program for a person that doesn’t qualify for a mortgage yet but they know they will within the next 1-5 years.
“Then you will start a tenant/landlord relationship that can last up to 5 years or you can purchase sooner”.
To get started you submit an application and pay a one time application fee of $75. Then they do a background check. They are looking at things such as your criminal background. Everyone is required to pass a criminal background check. They look at your debt to income ratios and your debt to rent ratios. They look at your renting history as well as the annual household income needs to be at $50,000 or greater. They are looking at all these things to make sure you are committed to the program.
Once you pass through the above checklist you start looking at homes with your certified Home Partners Agent. Once you find a home HPA will purchase the home then you will start a tenant/landlord relationship that can last up to 5 years or you can purchase sooner. Once you feel you are ready to purchase the home you need to submit in writing to HPA 60 days prior to the desired purchase time.
That’s the basics of Home Partners of America. Feel free to call us with any questions. We would be happy to help you get the process started.
You can also check out the program here at their website