HOW THE PROGRAM WORKS - PROGRAM SUMMARY
Home Partners provides responsible households a transparent path to homeownership through its Lease with a Right to Purchase Program. The program provides one to five years of rent certainty with an initial financial commitment of just one year. Your Right to Purchase Agreement gives you the right to purchase the home you selected from Home Partners at a predetermined price for every year of your lease, as long as you have been in compliance with the lease, Agreement and other documents. You are under no obligation to buy the home from Home Partners.
If you want to own a home but cannot currently qualify for a mortgage, or if you would prefer to rent a home now with the goal of purchasing it in the next three to five years, then this program may be for you. Home Partners doesn't focus exclusively on your credit score. The full credit profile of your entire household is taken into account when they review your application to the Home Partners program.
As your REALTOR® I will guide you in finding the right home in the right community that meets the Home Partners' program criteria. The home should be:
- Located in an approved community;
- Listed for between $100,000 and $450,000 in most states, though exceptions apply;
- Located on a lot no more than three acres with a minimum of two bedrooms;
- A single family home or fee-simple townhome; condo associations, condo interests, commercial and multi-family properties are not eligible for the RTP Program;
- A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program;
- Free from material deficiencies;
- No guest houses/ in-law suits with separate entrances;