Eligibility Requirements For Home Partners Lease With With A Right To Purchase Program
By now you have read all about Home Partners and their Lease With A Right To Purchase Program but you want to find out what the eligibility requirements are. I will go over those requirements with you so you can get an idea of where you stand and decide if you are ready to move to the next step of actually applying.
Income
The income requirements are a minimum of $45,000 household income, so either a single person or a couple have to meet the requirement combined. Keep in mind it will be for everyone who will be occupying the property who will need to be considered.
Employment
Home Partners requires that you have a steady form of employment, this is typical of any property management company. Keep in mind you are not purchasing a home so the requirements are a bit more relaxed, instead this is essentially an application for a lease. So like many other property management companies they also require you to have stable employment.
Rental History
Keep in mind as I have mentioned repeatedly about the Home Partners Lease With A Right To Purchase Program it is at the minimum just a lease. For this reason they are concerned with your rental history, especially if you have an eviction in your past. Any evictions will be an immediate denial of your application, so keep that in mind when applying. Remember this applies to everyone who will be an occupant in the property.
Bankruptcy
A pending bankruptcy is an automatic disqualification for the Lease With A Right To Purchase Program through Home Partners. Keep in mind the spirit of the program is a lease but also they want you to have the ability to purchase the property in the future if you choose to do so and a bankruptcy hinders that ability. Past bankruptcies should be discussed with Home Partners so they can assess them, however if it has been more than several years you should be fine. What they are concerned with is your ability to qualify for a home loan in the future should you decide to express your right to purchase the property.
Criminal Background Check
Everyone who will be occupying the property will be subject to a criminal background check. This is more on the property management side of the program but it is similar to most property management companies. Home Partners, like many property management companies, are not as concerned with minor issues as they are with major items. Again if you are concerned feel free to contact them directly and run your situation by them to get an idea of how they will treat it.
In realty Home Partners is rather generous with their qualifications and most people will qualify if they meet these guidelines. I always recommend to potential applicants to not hesitate to call Home Partners and discuss their individual situation with them.
I hope you found this helpful and of value when exploring the Home Partners program, they are really filling a niche that has needed attention for years. If I can help answer any questions or if you are in the North Texas area and would like assistance using the program please do not hesitate to contact me. If you are outside the North Texas area and would like some help you are welcome to contact me and I will put you in touch with an agent familiar with the program in your area.
Let me first say that if you found my website, Youtube videos and the content valuable to you I would greatly appreciate if you allowed me to provide you with an application link.
This would show Home Partners Of America where the client is being directed from and allow me to assist you. Keep in mind I work in the North Texas area so I could help you myself. If you are in another part of the country you could still use the link and I, along with Home Partners, will refer you to an expert in your area. You would get to work with someone who knows the program in your area and would allow me to get a referral fee as well as help me continue to bring you great content about the program.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will be more confident & make better decisions.
Have questions about this or other topics, do not hesitate to contact me.
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Luis Cuevas, Broker/Realtor®
Serve Realty
552 Mullins Ave Lewisville, Texas 75057
(214) 783-0535
Luis@ServeRealtyTx.com
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