Lease With A Right To Purchase Program
HomePartners evaluates household rent-to-income and debt-to-income ratios, rental & housing history, employment history, criminal history, FICO scores, and other elements of the application.
- Minimum 550 FICO credit score (TransUnion)
- Annual household income of at least $50,000
- Must have twice your target rent amount available in a bank account
- No recent evictions (past 5 years) & no pending bankruptcy
Every Household must provide:
- Full Application from everyone 18+ years old
- Application Fee $75 total per household
- Income Verification, Asset Verification (equal to 2 months rent)
- Home must be priced between $100,000 – $450,000
- Move out after 1 year term without penalty
- Purchase the home any time during Tenancy
- Maximum of 3 Pets, 180lbs total
The Following Questions are on our Pre-Qualification Questionnaire (Every applicant must complete and pass this questionnaire prior to submitting an application and paying the non-refundable application fee).
1. Does your household make a minimum of $50,000 per year?
2. Do you have at least twice your target rent amount available in a bank account?
3. Do you or any household member have an open/unsatisfied Chapter 7 bankruptcy?
4. Have you or any household member ever been evicted or have any outstanding apartment collections in the past 5 years?
5. Are you or any household member a registered sex offender or sexual predator or otherwise subject to reporting requirements of any state, territorial, or tribal sex offender registry?
6. Do you intend to carry out any business, profession, or trade of any kind from home where clients will visit?
7. Do you have pets?
· Total Combined Pets Weight
· Description of Pets
· Do you or any member of your household have a Rottweiler, Mastiff, Pitbull, or Doberman?
The Application Process:
- Every member of the household must be listed on the application. (A credit and background check will be performed on all applicants that are 18 and older once we receive consent and payment)
- Application requires – residence and employment history, income and asset verification (Proof that the applicant has the funds to cover the security deposit equal to two month’s rent which consists of a screenshot of their current checking or savings account balance)
- Please Note: Our monthly rent amounts range from $1250-$5,000 therefore, the available balance would need to be $2500 or more.
- Non-Refundable Application Fee: $75 per household. (In most states)
- All applications must be completed online
*Home Partners’ process can generally take 45-60 days from the time of applying until move in. Please make sure you have sufficient time in your moving plans for this general timeframe and understand it may change depending on the circumstances of a particular situation.
If you do not pass the pre-qualification questionnaire please call the Customer Solutions Team at 1-800-664-7356 and a member of our team will review your answers. If a question was answered incorrectly you will have the option to re-take the questionnaire.
Contact the HomePartners Help Desk with further details about the program at:
[email protected] or if a call is preferred (877) 234-5155
You will need funds to pay the Right to Purchase price if you exercise the Right to Purchase. Typically, you will need the amount of the down payment and 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 because he or she may 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.
**If you are interested in applying for the program please send me your email address and I’ll send you a link so you can get started. Stop making your landlord rich.
[email protected] or (214) 862-1150