Minimum Qualifications

 
PROGRAM SUMMARY
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 $450,000
Maximum rent $4,000
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 $60,000.
2– Each person on the application who would like their income considered for Program approval must have a credit score of 550 or greater. If their credit score is below 550, their income will not be considered in the approval process.
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 
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 go to the apply section 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.
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