What is the Lease with a Right to Purchase Program?
The Lease with a Right to Purchase Program (the “RTP Program”) allows you to find a home that you want to rent from Home Partners, 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 time.
You can lease the home for up to three to five years, depending on the state, and you may purchase the home from Home Partners at any time at a predetermined price in accordance with the Right to Purchase agreement.
Who is eligible for the RTP Program?
There are certain minimum criteria for the program. Your household must have an annual income of $50,000. You must have stable employment. Home Partners cannot accept you into their 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 background check.
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 and asset 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.
There are several factors to take into consideration when reviewing an application, which includes household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, and FICO® scores.
A decision on your application takes approximately 1 to 3 business days of receiving all required information.
How much does it cost to participate in the RTP Program?
Home Partners has 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.
Please note that in California, the Application Fee is $45 if there is only one applicant in the household and $75 if there are two or more applicants in the household.
Why might my application be denied?
Several factors are taken into consideration when reviewing an application, which includes household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and FICO® score. Your profile will be considered on the entire household when reviewing an application. If your application is denied, you will receive notification in writing.
How do I find a home once I’m approved?
Cherie Young and her team will work closely with you to search for homes that meet Home Partners purchasing criteria. Generally, this means that the home should be:
Located in an approved community (based on high schools and not adjacent to features that may negatively impair value);
Listed for between $100,000 and $750,000 in most states, though exceptions apply in California, Oregon, Virginia and Washington;
Located on a lot no more than three acres with a minimum of two bedrooms;
A single family home or fee-simple townhome; condo associations, condo interests, commercial and multi-family properties are not eligible for the RTP Program;
A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program; and;
Free from material deficiencies;
No guest houses/ in-law suits with separate entrances;
Please note Home Partners only purchases homes with swimming pools or other water features in certain states. At the current time, we purchase homes with pools only in the following states: California, Florida, Georgia, Oklahoma and Texas.
My county is listed as approved on your website, but the high school of the home I want is not. Is the home approved?
Home Partners only consider homes that have a default public high school attendance zone for public high schools ranked in the top 50% within each of our approved markets (based on standardized math and verbal test scores). A home must fall within the default attendance zone of an approved public high school, so although the lists on our website are sorted by county, they do not consider homes that do not meet this requirement.
Is there a required deposit?
Yes. Generally 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.
California Real Estate by School District and Community
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"Working with Cherie Young and her team has been such a pleasure. Selling our home that we have lived in for more than 30 years was stressful and combined with moving to another country, we honestly could not have done this without you. I would definitely recommend your services to friends and family."