Lease With Option to Buy Homes
There are several reasons why “lease option to buy” might be a good fit for you.
1) You haven’t quite saved up enough money for a down payment yet
2) You recently have gone through a divorce, short sale or foreclosure and are trying to get back on your feet.
3)You are moving to the area and not sure exactly where you want to purchase a home
It’s a pretty easy process. You can apply online to see if you qualify. The determination is based on your credit score (it doesn’t have to be perfect), your household income (a minimum of $50,000) and a stable work history.
Once you complete the application and pay a $75 fee for a credit and background check, you should hear back within 24 hours. They will tell you how much of a rental payment you qualify for.
You can then go to their website and find the properties that are currently for sale and the amount of rent that would be charged if Home Partners of America were to purchase the home. Home Partners has determined which houses and neighborhoods that they would be willing to purchase. This means that not every house in the MLS will qualify for this program and only single family homes qualify in this program, which means no condos.
Once you find a property you are interested in, then look at the property and provide a move-in list of items such as interior painting, carpet replacement, etc. Then Home Partners makes an offer on the house. If they are the successful bidder, Home Partners purchases the house and you will be able to move-in within 3 to 4 weeks.
You sign a lease for a year with the option of purchasing the house at a determined price at the end of the one year lease. If you decide not to purchase or not to renew the lease there are no penalties. Each year the price of the house increases between 3.5% and 5% each year. Rent will also increase 3.75% a year.
As you can see, there aren’t any downsides to this program. If you haven’t watched the video, please do so now to hear from some actual participants in this program.
Want to know more? Send me an email or give me a call at 904-285-5640.