Choose a home for sale and rent it! We give you the exclusive right to buy it and you decide if it’s right for you.
Rent To Own
You have probably, at some point, heard about Rent to Own, a type of contract that allows you to rent a house and after a certain time it gives you the option to buy.
Home Partners provides households with a clear and transparent path to homeownership through its lease-to-own program.
This program provides [three/five] years of rental guarantee with only a one year financial commitment in the lease.
Tabla de contenidos
Rent-To-own Homes: Everything You Need to Know Before You Get Started
Who should apply for the rent to own program?
If you want to own a home but cannot currently qualify for a mortgage, or if you 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. Your entire family’s credit profile is taken into account when reviewing your application for the Home Partners program.
Advantages of Rent to Own
As with a standard lease, Home Partners requires you to sign a one-year lease and put up a security deposit.
Unlike a standard lease, you will have renewal options that provide [three/five] years of rental certainty and the right to purchase the home at a set price when you enter into the Right to Purchase Agreement, in accordance with the terms of the Agreement.
You can also select the home you want to live in from among those eligible and available for sale in the communities Home Partners serves, allowing you to live today in a neighborhood where you might not otherwise be able to find a suitable home to rent.
Key Considerations
Home Partners buys homes in specific approved communities, so contact us to see which communities are currently in their program.
We’ll guide you to find the right home in the right community in the Home Partners program. Once you are approved for the purchase price in your Right to Purchase Agreement, that is the price at which you can purchase the home during the term of the lease, according to the terms of the Agreement, whether or not the home is subsequently appraised at a higher or lower price.
If you do not purchase the home as provided in the Agreement, Home Partners may rent or sell the home to others when your lease ends.
How does the contract for rent to own work?
Your initial lease is for one year, so your financial commitment is limited to one year. Your lease is renewable each year for [three/five] one-year terms, and you have the right to notify Home Partners if you do not wish to renew the lease.
Your full security deposit will be returned as provided in the lease if you decide to vacate the house at the end of the lease period and you have complied with the lease in full.
Right to Purchase Agreement.
Your right to purchase agreement gives you the right to purchase the home you select from Home Partners at a predetermined price for each year of your lease, provided you have complied with the lease, Agreement, and other documents. You are under no obligation to purchase the home from Home Partners.
The information on the Home Partners website is not guaranteed, it is provided solely for the user’s personal, non-commercial use, and may not be used for any purpose other than to identify potential properties in which users may be interested.
