If you’re looking to buy a home but you need more time to save for the down payment or build your credit score, a lease to purchase agreement might be the ideal option for you. This is a rent-to-own contract, which means you can rent your perfect house now, and buy it when you’re ready.
Step 1: Application
Apply for approval
Prospective residents start the process by filling out a Pre-Qualification Application. Once the Pre-Qualification Application is approved, the applicant will be required to submit a Full Application for a full credit and background check. Once a Full Application is approved, Home Partners will outline the maximum Monthly Rent of the home for which the prospective resident qualifies.
Step 2: Search
Find a qualified home
We will work with you to find a home in an approved community. Once we find a home we will submit it to Home Partners for approval, Home Partners will attempt 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, and other closing conditions being satisfied.
Step 3: Lease
Home Partners buys the qualified home, household leases the home
Prospective residents will be required to sign a one year lease for the home as well as the Right to Purchase Agreement( Lease, Deposit details and Escrow)
Step 4: Purchase
Household has right to purchase the home
Home Partners buys the home. You lease it and have the right to buy it later, should you wish.
Get Started
Are you ready to start your path to home ownership with Home Partners of America? Review our pre-qualification checklist, application checklist, and apply today!