Lease with a Right to Purchase Program in Phoenix area – August 2020 Update

Are you close to being able to buy a home but aren’t quite ready or cannot currently qualify for a mortgage now? Did you just move to Phoenix and aren’t sure where you want to live? Do you need to rent right now but really want to buy a home in a couple years? Let us and Home Partners of America expand your home rental options and put you on a new path to homeownership. If now isn’t the right time to buy a home, but you’d like more attractive options than what’s currently available in the rental market, Home Partners of America’s Lease with a Right to Purchase program could be a great alternative.

Making Homeownership a Reality for More People

With our help, you can find a home in a community you want to live in and lease the property for up to 5 years. You have the option of purchasing the home at any time during your residency. You have the right to purchase the home or the option of walking away without penalty at the end of your lease.

How The Program Works

Application

Prospective households start the process by filling out a Pre-Qualifcation Application that checks key issues. If the Pre-Qualifcation Application is approved, the prospective household will be required to submit a full application for a full credit and background check and pay one time application fee.

Find Your Dream Home

After application is approved, Home Partners will outline the maximum monthly rent of the home for which the prospective household qualifies. Then you will work with us to find the home you want, choosing from all of the homes for sale in highly desirable, program-approved neighborhoods.

Making Offer

Once you found your dream home and approved by Home Partners, Home Partners makes an offer and, if accepted, purchases the property as part of a quick closing cash transaction. After closing, Home Partners rents the property to you as part of a one-year lease agreement for up to five years, limiting your financial commitment.

Right to Purchase

The household has the right to purchase the home at any time during their residency at the pre-set purchase price. If the household chooses not to renew the lease after one year, they can walk away without penalty. Security deposit returned in accordance with lease terms.

Qualification Criteria

We evaluate 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:

• The new minimum FICO score in Phoenix is 580
• Annual household income of $50,000+
• Stable employment
• No recent history of eviction and no pending bankruptcy
• Acceptable criminal history

Contact us today for more information
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