1. What is the Lease with a Right to Purchase Program?
Our Lease with a Right to Purchase Program (the “RTP Program”)
allows you to find a home that you want to rent from us initially, but who may
also like to buy at any time within the next three to five years.
We believe that there are many households who may be thinking
about buying a home but for whatever reason would like to rent at the current
You can lease the home for up to three to five years, depending
on the state, and you may purchase the home from us at any time at a
predetermined price in accordance with the Right to Purchase agreement.
2. Who is eligible for the RTP Program?
We have certain minimum criteria for our program. Your household
must have an annual income of $45,000. You must have stable employment. You
must have a credit score no less than 580. We cannot accept you into our
program if you or anyone in your household has a history of eviction or a
pending bankruptcy. Everyone in your household will be subject to a criminal
3. How do I apply to the RTP Program?
Every member of your household who is 18 years of age or older
must complete the Pre-Qualification Application and the Full Application. The
Full Application requires certain information, including residence and employment
history, for each member of the household. You also must provide income
verification for each member of the household whose income is to be considered
in determining the rent approval amount in order for your application to be
considered complete.If you are moving from a different state or starting a new
job, we will need confirmation of your new job and income.
We take several factors into consideration when reviewing an
application, which include household income, rent-to-income and debt-to-income
ratios, rental and housing history, employment history, criminal history, and
We will usually make a decision on your application within 1 to
3 business days of receiving all required information.
4. How much does it cost to participate in the RTP
We have a one-time Application Fee between $75-$99 per household
that must be paid online as part of the application process. This Application
Fee covers all applicants in the household and is nonrefundable.
Please note in California, the Application Fee is $45 if there
is only one applicant in the household.
5. Why might my application be denied?
We take several factors into consideration when reviewing an
application, which include household income, rent-to-income, and debt-to-income
ratio, rental and housing history, employment history, criminal history, and
FICO® score. We consider the profile of the entire household when reviewing an
application. If your application is denied, you will receive notification in
6. How do I find a home once I’m approved?
You should work with your REALTOR® to search for homes that meet
our purchasing criteria. Generally, this means that the home should be:
1. Located in an approved
community (home is displayed on www.homepartners.com and is not adjacent
to features that may negatively impair value);
2. Listed for between $100,000
and $450,000 in most states, though exceptions apply;
3. Located on a lot no more
than two acres with a minimum of two bedrooms;
4. A single family home or
fee-simple townhome; condo associations, condo interests, commercial and
multi-family properties are not eligible for the RTP Program;
5. A traditional sale. Short
sales, auctions, and REOs are not eligible for the RTP Program;
6. Free from material
7. No guest houses/ in-law
suites with separate entrances;
Please note we only purchase homes with swimming pools or other
water features in certain states. At the current time, we purchase homes with
pools only in Florida, Georgia, Texas, Southern California, Arizona, and
Once you have selected a home, the REALTOR® must submit it to us
7. Do you own the homes shown on your website?
No. The homes shown on our website are listed for sale in the
markets in which we operate. This list of homes automatically feeds into our
website from a listing service and is updated on a regular basis. However, we
cannot filter for certain criteria such as whether a townhome is or is not
fee-simple so there is a possibility that a home shown on our website does not
meet our minimum eligibility criteria. The information on available homes shown
on our website is for informational purposes only and cannot be guaranteed by
8. Is there a required deposit?
Yes. Generally, we require a deposit equal to two months’ rent.
This deposit is not applied towards your rent. If you decide to leave the home
at the end of any one-year lease term and you have been in compliance with the
terms of the lease and return the home in the same condition it was in when you
moved in (normal wear and tear excepted), the full deposit will be returned to
you or credited to the purchase price if you buy the home. The full deposit
(less any outstanding charges owed to Home Partners) is also returned to you if
you exercise your Right to Purchase the home.
9. How long does it take from when I select a home to
when I move in?
On average, it takes approximately five to six weeks from the
time we enter into a purchase agreement for a home until the day you are able
to move in. There are a number of variables that may affect the move-in
timeframe, including the length of negotiation with the seller leading up to
when we enter into a purchase agreement, what the home inspection reveals with
respect to required repairs, and the renovations you request. We will keep you
informed throughout the entire purchase and renovation process so that you are
aware of this timing.
10. What happens after I move in?
You are our tenant, and we are your landlord. You have entered
into a lease with us for one year and are bound to the terms of that agreement.
We will collect your monthly rent and perform any necessary repairs that are
our responsibility after you move in.
11. Are the monthly rent payments that I make applied to
the purchase price of the home?
No. Monthly rent payments are not applied to the purchase price
of the home. If you decide to exercise your Right to Purchase, you must pay the
full predetermined price as set forth in the Right to Purchase Agreement.
12. How do I exercise my Right to Purchase?
You may notify us at any time that the Lease is in effect that
you would like to exercise your Right to Purchase. However, you must provide us
with that notice in writing at least 60 days before you want to complete the
purchase. Once you notify us that you want to exercise your Right to Purchase,
we will contact you to get the process started.
13. Can I buy a home in the middle of a lease term or
do I have to wait until the end of the year?
You can exercise your Right to Purchase at any time during your
Lease. However, you must provide us with written notice of your intent to
exercise at least 60 days before you want the sale to close. In addition, the
closing date must occur before the end of the applicable Lease term.
14. Do you provide me with a mortgage or other
We are not a mortgage company and we will not provide or arrange
a mortgage loan for you. We cannot guarantee that you will be able to obtain a
mortgage loan if and when you wish to exercise the Right to Purchase.
15. Can I have pets in my home?
Home Partners' residents
are allowed a maximum number of three (3) pets (cats or dogs) weighing less
than 180 pounds in total combined weight. Home Partners expressly prohibits the
following dog breeds (including partial mixes of same): Doberman, Pitbull, Rottweiler
or Mastiff. Further, livestock/farm animal pets such as pigs, horses, chickens
and goats, aquariums over 20 gallons, and exotic, venomous and verminous pets,
are not allowed. In most states, there is a $300 nonrefundable per pet fee,
refundable upon purchase of the home. Please note that although assistance
animals are excluded from Home Partners’ pet policy requirements, supporting
documentation is required to qualify as such.