With the rise in prices and interest rates, many prospective buyers are taking a step back from realizing their dream of home ownership. If the uncertainty of the market or the decrease in your buying power due to higher interest rates has you sitting on the sidelines, there are some exciting programs available that might be exactly what you are looking for! The lease purchase arrangements of the past are a far cry from the exciting opportunities available now! This new program, offered through Home Partners of America, is also perfect for a variety of other scenarios, including:
- Relocating and uncertain of where in the Valley you want to live? Try before you buy!
- Are you still saving money for your down payment, working on your credit or just not quite ready to buy?
- Not having any luck finding a home that you want to rent in the competitive rental market?
- If you have found yourself in any of these scenarios, then the Lease with a Right to Purchase program might be right for you!
Home Partners of America’s Lease with a Right to Purchase program is intended to provide qualified individuals who are not ready to buy today with a clear path to homeownership in the near future and makes homeownership a reality for more people! With this program, I am able to find you a home in a community that you want to live in (some area and property restrictions apply) and lease the property for up to five years. You then have the option of purchasing the home at any time during your residency at a pre-established price. You have the right to purchase the home or walk away without penalty at the end of your lease. This program gives you the opportunity to realize the dream of owning your home but also gives you the flexibility to change course if plans change.
This is the ultimate try before you buy program that truly has no strings attached if you decide the home is not right for you after your lease period. Plus, you have the stability of knowing what your rent is going to be for the next five years – so no more worrying if your landlord is going to raise your rent to crazy levels or decide to sell the home out from under you! AND, your purchase price for the home is established right from the start! So, if the market continues appreciating at expected healthy levels, you may have the opportunity to purchase the home with built in equity! And if the market takes a downturn, then you can walk away with no penalty! It truly is a winning combination that gives you the stability to know and plan to achieve your homeownership goals coupled with the freedom and flexibility to walk away if your plans or the market changes!
It is a quick and easy process to see if this program is right for you and if you qualify.
1. Apply for Approval
Answer 6 questions on their FREE Pre-Qualification Questionnaire to see if you meet the basic applicant criteria. If you pre-qualify, you are invited to complete the paid full application. This step includes uploading income verification documents, and a soft credit pull and background check on household members over 18 years of age. You will be notified of a decision within 1-3 business days.
2. Find an Eligible Home
After approval, you are given a maximum monthly rent amount. I will work with you to tour eligible homes listed for sale. Once you find a home you love, you complete a request form. After completing the request form, I submit the home to Home Partners for their review.
3. Home Partners Buys the Qualified Home and Leases It You
Home Partners shows you their Anticipated Terms with 5 years of locked-in monthly rent amounts and Right to Purchase prices and estimated repair costs. After you approve their terms, Home Partners submits a competitive cash offer to buy the home. If the seller accepts, you sign a 1-year lease and Right to Purchase agreement. On average, move-in will be 2 weeks after closing to accommodate any necessary repairs found during the home inspection.
4. Right to Purchase
You rent the home with the flexibility of a 1-year lease and the option to buy at any time. At the end of each lease term, you can choose to walk away without penalties, or you can renew your lease for another year. In total, you can rent the home for up to five years.
The Lease with Right to Purchase Program (“Program”) is offered and administered by Home Partners. Resident and property must meet eligibility requirements, which are subject to change. Please see information about terms and conditions of Program at HomePartners.com. Resident must qualify for a mortgage from a third party lender to exercise the right to purchase a home. Home Partners does not provide financing for resident to purchase a home.
The Home Partner’s approval for resident to lease home does not mean that resident will later qualify for a mortgage. Home Partners is not affiliated with any real estate professional (e.g., a real estate broker or sales agent). Real estate professionals and Home Partners are not authorized to act on behalf of the other, and neither is responsible for the conduct of the other, concerning residents in the Program. No real estate professional represents or warrants any terms, conditions or benefits of the Program. ©2014 Home Partners of America, Inc. All rights reserved. Home Partners, the Home Partners of America, Inc. logo and “A New Path to Homeownership” are pending or registered trademarks and service marks of Home Partners of America, Inc. or its affiliates.
