Lease With The Right to Purchase
A Road to Homeownership That Offers More Flexibility and Control
There are times in life when you may need to rent, but are looking to buy a home in the future. Maybe you're close, but not quite ready financially to buy a home this year. Perhaps you just moved to the North Ft. Worth area and aren’t sure where you want to live. If that's the case the Home Partners Lease with a Right to Purchase Program may be just what you need.
What is the Lease with a Right to Purchase Program?
The Lease with a Right to Purchase Program lets you work with Cindy Allen of RE/MAX Heritage Realtors to find a home you want to rent and perhaps own. Home Partners will purchase the home and rent it to you . You can lease the home one year at a time for up to three years, and you may purchase the home from Home Partners at any time for a price predetermined at the start.
Each year the monthly rent can increase by no more than 3.75% above the previous year's monthly rent. For example, if rent in year 1 is $2000, the increase for the next year is $75 per month ($2000 x 1.0375*)
Just like with most other home leases, there's a deposit equal to two months’ rent. If you decide to leave the home at the end of any one-year lease term, the full deposit will be returned to you if the home is in the same condition it was in when you moved in, normal wear and tear excepted. If you decide to purchase at the end of the lease, the full deposit will be credited to the purchase price.
Who is eligible for the Right To Purchase Program?
There are minimum criteria for the program. You must have an annual household income of $50,000 or more, and be able to show stable employment. There cannot be a history of eviction or a pending bankruptcy for anyone in the house, and everyone will have to have a criminal background check.
Every 18 or older will complete the Pre-Qualification Application and the Full Application. The Full Application requires residence and employment history information including income verification for everyone whose income is used to determine the rent approval amount. Household income, rent-to-income and debt-to-income ratios, rental and housing history, employment and criminal history, and credit scores are all taken into consideration. A decision on your application is usually made within 1 to 3 business days.
There is a one-time Application Fee of $75 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.
What about pets? Up to three cats or dogs with a max weight limit of 180 pounds total. Some breed restrictions apply. There is a $300 per pet fee that is due with the required deposit. The fee is refundable if you purchase the home.
How do I find a home once I’m approved?
You'll work with Cindy Allen of RE/MAX Heritage Realtors to search for homes that meet Home Partners' criteria. Generally, this means that the home is:
- Located in an approved community and not adjacent to features that may negatively affect value
- Listed for between $100,000 and $450,000, though exceptions apply
- Located on less then three acres and have at least two bedrooms
- A single family home or fee-simple townhome. Condo's in associations, commercial and multi-family properties are not eligible.
- A traditional sale. Short sales, auctions, and REOs are not eligible.
- Free from material deficiencies
- No guest houses or in-law suits with separate entrances
Once you have selected a home, Cindy Allen with RE/MAX Heritage will submit your home to Home Partners for approval.
What happens after I move in?
You have entered into a lease with Home Partners for one year. You will pay them the monthly pre-agreed to rent. If you decide to exercise your Right to Purchase, you may notify Home Partners in writing at least 60 days before you want to complete the purchase. The closing date must occur before the end of the applicable Lease term. They will then contact you to get the process started.
Get started today
To expand your lease options and start down the path to home ownership Call Cindy Allen at 817-300-9634 or fill out the form below.
* Rounded to the nearest $10.
** The Lease with Right to Purchase program is offered and administered by an independent third party not affiliated with RE/MAX Heritage, REALTORS®. Cindy Allen and RE/MAX Heritage do not in any way represent or warrant any of the terms, conditions, or benefits of the Lease with a Right to Purchase Program. Applicant and property must meet certain eligibility requirements. Other terms and conditions apply. Please review all other terms and conditions of the program before proceeding.
Home Partners is not a mortgage company, does not have any obligation to provide and does not provide financing and cannot guarantee or in any way assure that a resident will be able to obtain a mortgage if and when he/she wishes to exercise their right to purchase. ©2018 Home Partners of America, Inc. All rights reserved. Home Partners and the Home Partners of America, Inc. logo and “A New Path to Homeownership” are pending or registered trademarks and service marks of Home Partners of America, Inc. or its affiliates.