Program Summary
Home Partners offers responsible households a straightforward and transparent path toward homeownership through its Lease with a Right to Purchase Program. This program allows participants to secure three years of rent for certainty, while only requiring a one-year financial commitment on the lease. This structure provides flexibility and stability for households seeking to transition from renting to owning a home.
Applying
For individuals or families who aspire to own a home but are currently unable to qualify for a mortgage—or for those who prefer to rent now with the intention of purchasing in the next three years—this program presents a viable option. Home Partners evaluates the full credit profile of the entire household, rather than focusing solely on individual credit scores, when reviewing applications for their program.
Advantages
Similar to standard lease agreements, participants are required to sign a one-year lease and provide a security deposit. However, unlike typical leases, this program offers renewal options that guarantee three years of rent certainly and grants the right to purchase the home at a predetermined price as outlined in the Right to Purchase Agreement. Additionally, participants have the opportunity to select a home from the range of eligible properties available for sale in communities served by Home Partners, enabling them to reside in desirable neighborhoods where rental options might otherwise be limited.
Key Considerations
Home Partners purchases homes exclusively in specific, approved communities. Prospective participants can visit the company’s website to review which communities are currently included in the program. Guidance is provided throughout the process to help applicants find a suitable home in the right community. Once the purchase price is approved in the Right to Purchase Agreement, that price remains fixed for the duration of the agreement, regardless of whether the home’s appraised value increases or decreases. If the pareservet chooses not to purchase the home as specified in the agreement, Home Partners reserves the right to rent or sell the home to others once the lease term concludes.
Lease Agreement
The initial lease term is for one year, limiting the participant’s financial commitment to that period. The lease can be renewed annually for up to three additional one-year periods. Participants have the right to notify Home Partners if they choose not to renew the lease. Provided the lease terms have been fully complied with, the full security deposit will be returned should the participant decide to vacate the home at the end of a lease period.
Right to Purchase Agreement
The Right to Purchase Agreement grants participants the option to purchase their selected home from Home Partners at a predetermined price for each year of the lease, as long as all lease and agreement conditions have been met. There is no obligation for participants to buy the home from Home Partners.