Welcome to a New Path for Home Ownership

 

Are you close to being able to buy a home but aren't quite there? Did you just move to the Twin Cities Metro Area; and, aren't quite sure where you want to live? Do you need to rent right now, but really want to buy a home in the next couple years? Home Partners' Lease with the Right to Purchase Program may be right for you.

Justin Novak

Lease to Own Specialist

Realtor® - GRI

 

HOW THE PROGRAM WORKS

 

PROGRAM SUMMARY

To apply, or request link to see available properties, please fill out this form, and indicate you have read the qualifying information.

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This is a collaboration between Better Homes and Gardens Real Estate - All Seasons and Home Partners of America. Home Partners of America's Lease with a Right to Purchase Program allows you to find a home that you want to rent initially; but, may desire to purchase in the next one to five years. You can lease the home for up to five, one-year terms, and may purchase the home from Home Partners of America at any time at a predetermined price. There is no obligation to purchase the home.

 

Maximum home price $500,000

Maximum rent $4,500

Minimum home price $100,000

Minimum rent $1,250

Average transaction takes approx. 6     weeks

 

HOW IT WORKS

First, you apply to get approved for the program. Once approved, you will be able to tour homes currently listed for sale with our own Justin Novak, Lease to Own expert and Realtor®, GRI -  Better Homes and Gardens Real Estate - All Seasons. When we find the home for you, Home Partners of America purchases the property upon a mutual exclusive agreement to lease the property back to you. If or when you decide to purchase the home, you will be able to exercise your Right to Purchase Option and purchase the home directly from Home Partners of America at your predetermined price.

 

MINIMUM QUALIFICATIONS

1- An annual household income of at least $75,000.

 

2- A combined household credit score of 550 or greater.

 

3- Stable Employment

 

4- No household history of violent felonies, drug related crimes, or predatory offender offenses within the last 5 years.

 

5- No household history of a felony conviction within the past 5 years. A 'White Collar' felony that is more than 5 years old will NOT disqualify you from the program.

 

6- No household history of eviction or a pending bankruptcy. Evictions greater than 5 years, will be evaluated on a case-by-case basis.

 

7- Discharged bankruptcies, foreclosures, and/or short sales will NOT disqualify you from this program.

 

8- Sufficient funds to cover a refundable security deposit 2 times the monthly rent (Proof of funds required at time of Full Application)

 

9- A consistent pattern of late payments over the past year may disqualify you from the program.

 

10- Outstanding collections will not immediately disqualify you; but, it will be strongly taken into consideration of your overall financial picture.

 

11- Outstanding debt, plus approved rental amount must not exceed 45% of your income. For example: if you make $50,000/yr and you qualify for the minimum rent amount of $1250/mo, your outstanding monthly debt payments cannot exceed $625/mo.

 

12- Certain 'aggressive' dog breeds may disqualify you from the program. Please inquire for more details, if necessary.

 

13- Other qualifications not listed may apply.

 

APPLYING

If you feel you meet the minimum qualifications, and are interested in applying for the program; please fill out the form at the top of this site. You will be sent an invitation to begin the application process.

 

This invitation will contain a link for the Pre-Approval Application. This pre-application is FREE to fill out, and only takes a few minutes to complete. Once submitted, you will usually receive notification immediately if you are eligible to complete the Full Application.

 

There is a $75.00 non-refundable household application fee. This fee covers any Background and Criminal Checks required by Home Partners of America. It generally takes 2-3 business days to process the application and determine approval status.

 

It is important you apply with the link sent to you. It will ensure you are properly assigned. If you do not follow the link, you will not be contacted, even when approved.

 

ELIGIBLE HOMES

The homes eligible for this program are homes currently listed for sale on the MLS in pre-determined school districts set by Home Partners of America. Because of this, the supply is constantly changing.

 

An important note concerning Townhomes. Any townhomes that are part of a condo association will NOT be eligible.

 

Short Sale and Foreclosed homes also, do NOT qualify for this program.

 

KEY CONSIDERATIONS

1- It is the responsibility of the potential applicant to fully understand the terms and conditions of the program.

 

2- Home Partners of America is not a mortgage company and does not have any obligation to provide or arrange a mortgage loan. Home Partners of America cannot guarantee that a resident will be able to obtain a mortgage loan.

 

3- If necessary, and desired by the resident, Home Partners will assist the resident in entering a credit repair program to increase the likelihood of qualifying for a mortgage loan in the future. Home Partners of America cannot guarantee, or in any way insure, that such a program will increase the likelihood that a resident will qualify for a mortgage loan, or obtain a mortgage in the future.

 

4- This is not a Rent-to-Own program, but a Lease-to-Own program. What this means is, any rent paid prior to the successful purchase of the home from Home Partners of America does not apply towards the purchase of the home.

 

 

*DISCLAIMER*

 

Justin Novak, Lease to Own Specialist, Realtor®, GRI is an independent agent with Better Homes and Gardens Real Estate - All Seasons, and NOT an employee of Home Partners of America. Home Partners of America is the Real Estate client , and they are represented in the Real Estate Transaction between them and the Seller of Real Property. If you feel that this specific program is not for you, but are interested in purchasing a home, Justin will guide and represent you in the home buying process.

 

6- No household history of eviction or a pending bankruptcy.

©K&J House and Home. All Rights Reserved. Website by KW Graphic and Web Design Updated 07.16.2017

Complete this form to receive the application to apply. By requesting the application you are indicating you have read and understand the information below.

©K&J House and Home. All Rights Reserved. Website by KW Graphic and Web Design Updated 07.16.2017