Home Partners of America π‘ Rent to Own Homes Program Explained
Finding a home that's a lease with an option to buy (rent to own) can be extremely difficult - close to impossible in popular areas. However, leasing while you get to know your new city, repair your credit or save up some money for a larger down payment may be your best option. Let's talk about a lease-purchase program called Home Partners of America.
While I am not affiliated with this company in any way, I do feel the program offers a valuable option for those who qualify so I want to share some details.
*Criteria subject to change and may vary by state
What is the Home Partners of America Lease Purchase Program?
https://www.homepartners.com/
Say you want to own a home in a nice neighborhood but you just arenβt ready to buy. Maybe you want to be in a good school zone and there are limited rentals available to pick from? Or, if you are working on repairing your credit and you just need a year or two to qualify for a mortgage. Home Partners of America purchases homes that are currently for sale and leases them back to you. So, this opens up a lot more options of homes to rent because now you can look at homes that are for sale.
You get to pick the house, they purchase it, you rent it from them. You can buy it from them or a predetermined price at any time. Now, nothing is that simple but that is the basic premise of the program.
FAQs
https://www.homepartners.com/how-it-works/faqs
Who qualifies to be a renter with Home Partners of America?
Which properties qualify for the program?
I am qualified and the house I love is qualified - what happens next?
What about the rent price?
What about a security deposit?
Can I bring my pets?
How do I purchase the home?
Breakdown by numbers: https://www.homepartners.com/how-it-works/the-math
Pros & Cons
The biggest pro to this program is that it gives future home buyers an opportunity to settle in their desired community before they can qualify to purchase a home. Or it gives new residents a way to try out a neighborhood before they commit to buy. The program is transparent and your costs and fees are outlined prior to entering the program. Your only obligation is to rent the home for one year.
If you are a seller, consider using this program as a way to attract more buyers. Home Partners of America will pay a fair price for your home.
The cons mostly revolve around the fees associated with buying. Home Partners is going to roll the closing costs over to you, as well as increase your price 5% a year.
Melanie is a Tampa Bay area Realtor with Smith & Associates.
She loves Tampa Bay area area, houses, and helping clients buy and sell real estate.
melanielovestampabay.com
Email: matkinson@smithandassociates.com
Call/text me if you are looking to buy / sell a home in the Tampa Bay area! 813.368.6084
DISCLAIMER: All content provided on melanielovestampabay.com and the Melanie Loves Tampa Bay YouTube channel/social media platforms is for informational/entertainment purposes only. The owner of Melanie Loves Tampa Bay makes no representations as to the accuracy or completeness of any information on this site. Information provided is subject to change.
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