Lease With Purchase Option Program
LEASE WITH PURCHASE OPTION PROGRAM
I have access to an investment company whose goal is to
help 10,000-15,000 households in the next 14-16 months
The Investor works with households that want to rent homes with a right to purchase in the future
− First-time homebuyers
− Individuals relocating to a new market
− Households that cannot obtain mortgages
A household can select ANY HOME LISTED FOR SALE that meets our criteria:
− Financial obligation is limited to one year of rent
− The lease can be renewed annually for a total of three years
− The resident can move out after any one-year lease term without penalty
− The resident can buy the home from us at any time during their residency
How It Works
How to Apply
Residents can apply at www.homepartners.com/apply
- Investor responds to an applicant within 24-48 hours of receiving all required information.
- If approved, they specify their maximum rental amount and copy you on the notice.
- Investor evaluates household rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, FICO® scores, and other elements of an application.
- Annual household income of at least $50,000
- Stable employment
- No history of eviction and no pending bankruptcy;
- Acceptable criminal history
Every household must provide:
- Full Application from everyone 18+ years old
- Application Fee ($75 total per household)
- Supporting documents: Income Verification & Asset Verification (equal to 2 months rent)
Once Approved, You Work With Me To Find a Home That You Want The Investor To Buy!
It must meet the following requirements:
- In an approved community
(based on default high school attendance zone, ranked in the top 50% in the state)
- Not adjacent to features that may negatively impair value
2. List Price Between $100,000 and $550,000
- Minimum of two bedrooms
- Lot of three acres or less
4. Property Type
- Single family home or fee-simple townhome
- No condo associations, commercial or multi-family properties
5. Sale Type
- Traditional sale or bank-owned properties
- No short sales or auctions
6. Safety Considerations
- No material deficiencies (e.g., major structural issues, pervasive mold, etc.)
How To Find A Home
- The Investor will purchase homes in communities where the high schools rank in the top 50% in the state.
- Select the community and school district of interest and the approved rental amount.
- Choose from all active for sale listings on the MLS that meet our property requirements.
- I'll set up a search on FMLS or My Home Finder that will identify homes that meet your criteria.
Contact Me to Submit a Property
- I’ll submit the property to the Investor's underwriting team using an online form
- I’ll send supporting documents to firstname.lastname@example.org:
−MLS Listing Sheet
−Comparable Market Analysis
−Resident Renovation Checklist homepartners.com/renovationchecklist.pdf
- The investors will value the property within 4-6 business hours of receiving all required information
The Right To Purchase
- Once you are approved and we find a home...We submit it to the investor, and they analyze the value of the home
- If approved, they send us an email outlining the Total Cost Basis and what we will offer
- They also outline the rent and purchase prices for each lease term
The investor provides a schedule of rent and purchase prices for each lease term:
- You will agree to pricing before the investor makes an offer.
- The rent increases by 3.75% per year.
- The purchase price increases by 5% per year.
Contract to Closing
- Once you, the applicant, agrees...The investor generates & signs a contract and returns it with proof of funds
- I’ll make an offer on the home as the buyer’s agent for the Investor
- The Investor is a Cash Buyer, and they bid competitively at fair market value
- Once we are under contract...You, the resident, signs a One-Year Lease & the Right to Purchase Agreement
- You, the resident, provides a two-month deposit
- The Investor schedules and pays for a home inspection
- As a cash buyer, the Investor is able to close quickly (within 30 days)
- Once the Investor buys the home...You, needs to provide the 1st month’s (pro-rated) rent within 72 hours
- The Investor makes any Make Ready repairs or requested renovations
- The resident may exercise the Right to Purchase at any time during their residency for the appropriate predetermined price with 60 days notice