Home Partners of America | Lease Purchase Program
As a Realtor, I’ve had the privilege of working with a variety of clients, each with unique needs and circumstances. In real estate, innovation and flexibility are key to helping clients achieve their home ownership dreams. One program that has stood out in recent years is Home Partners of America, and in this blog, I’d like to share how it benefits potential home buyers.
What is Home Partners of America?
Home Partners of America is a company that offers a Lease Purchase program designed to help individuals and families transition from leasing to home ownership. This program provides a different path to home ownership, especially for those who may not qualify for a traditional mortgage due to various reasons, such a credit challenges, a lack of down payment funds, or if the homebuyer wants to search for a home, lease, and have the option to purchase.
How does it work:
- Apply for Approval: You start off with a free pre-qualification questionnaire to see if you meet the basic applicant criteria. It is only 6 questions! If you pre-qualify, you will be invited to complete the full application (this does have a cost). Home Partners of American will notify you of a decision within 1-3 business days.
- Find an Eligible Home: Once approved (wahoo), you will receive a maximum monthly rent amount. You then work with your Realtor to tour homes listed for sale that are eligible. Once we find the home you love, you will complete a request form.
- Home Partners of America Buys the Home and Leases it to You: You will see your anticipated terms with 5 year (here in the great state of Texas it is 3 years) of locked-in monthly rent amounts, right to purchase prices and estimated repair costs. Once the terms are approved, Home Partners of America, with your Realtor, will submit a competitive cash offer to buy the home. If the seller accepts, you sign a year lease and Right to Purchase Agreement.
- Right to Purchase: You will rent the home with flexibility of only a 1 year lease and the option to purchase at any time. When your lease term ends, you have the option to walk away without penalties, or you can renew your lease for another year. In total, you can rent the home for up to 5 years (3 years in Texas).
Home Partners of America offers a unique option for you. It bridges the gap between renting and owning, providing a structured and achievable path to home ownership for individuals and families. This could be a great path for you and/or your family if you want to explore the option of home ownership with the lease to purchase option. If this is something that interests you and/or your family, please contact me so I can assist and streamline the process of finding you your dream home.