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Home Partners changes the game with innovative lease-to-own programMay 19, 2017
Struggling to make your homeownership dreams a reality in today’s tight mortgage market? Home Partners of America is here to help. Their lease-to-own program makes home owning easy with its competitive lease structures and option to purchase after one year.
Is Home Partners for you?
Home Partners serves:
- Cautious, first-time home buyers
- Credit-worthy people who currently cannot obtain a mortgage
- People who have recently re-located
- People with foreclosure on record
- And more!
How it works
Let’s say you’re interested in becoming a Home Partners resident. Not unlike a traditional house hunting process, you’ll be working alongside a real estate agent to view listings that fit your budget, lifestyle and daily commute. The only difference: you’ll be viewing listings in Home Partners approved communities. What does that mean? For a community to be approved by Home Partners, it must meet safe housing criteria, have access to A-rated school systems with listings typically priced between $100,000 and $550,000.
As you might’ve guessed, these communities tend to house few single-family rental properties, which is where Home Partners comes into play. Once you decide on a listing, Home Partners will make an all-cash offer to purchase the home with the intent to lease. Then, you the resident, agree to a minimum one-year lease with rent rates increasing at 3.75 percent each year.
Home Partners residents can decide to purchase their rental at any point in the five-year lease agreement, during which residents are advised to repair their finances to qualify for a mortgage loan. In the event residents wish to vacate their rental after one year, they’re free to do so penalty-free.
For cautious renters looking to buy, Home Partners is the simple solution. To learn more about your options, contact a Better Homes and Gardens Real Estate Metro Brokers agent today!