Getting Started
If you want to own a home but cannot currently obtain a mortgage, or you would like to rent a home now with the goal of purchasing it in the next five years, then this program may be for you. HP doesn’t only consider your credit score. The Whole credit profile of your entire household is looked at when they review your application to the HP program.
ADVANTAGES
Just like a normal lease agreement, HP requires you to sign a lease for a year and make a security deposit. But you will have options providing five years of rent certainty and the right to purchase the home at a price established when you enter the Right to Purchase Agreement, in accordance with the terms of the Agreement. You can also chose the home you want to live in from those eligible and available for sale in neighborhoods HP serves – allowing you to live in a community today that is unavailable to rent normally.
KEY THOUGHTS
Home Partners buys homes in specific approved communities, so you can go to their website to see what communities are currently in their program. We will guide you in finding the right home in the right community in the Home Partners’ program. Once you approve the purchase price in your Right to Purchase Agreement, that is the price at which you may purchase the home during the term of the lease, in accordance with the terms of the Agreement, whether the home is later appraised at a higher or lower value. If you do not purchase the home as provided in the Agreement, Home Partners may rent or sell the home to others when your lease ends.
LEASING AGREEMENT
Your initial lease is for one year, so your financial commitment is limited to one year. Your lease is renewable every year for five one‐year periods, and you have the right to notify Home Partners if you don’t want to renew the lease. Your full security deposit will be returned as provided in the lease if you decide to leave the home at the end of a lease period and have been in full compliance with the lease.
PURCHASING AGREEMENT
Your Right to Purchase Agreement gives you the right to purchase the home you selected from Home Partners at a predetermined price for every year of your lease, as long as you have been in compliance with the lease, Agreement and other documents. You are under no obligation to buy the home from Home Partners.
