
Home Partners of America<\/h2>\n
Through the Home Partners<\/a> program, prospective rent-to-own homebuyers start by filling out a pre-qualification questionnaire. There are certain qualifications, like a verifiable annual household income of more than $40,000, no open Chapter 7 bankruptcy, and no disqualifying criminal history.<\/p>\n If approved, you\u2019ll then be asked to submit a full application and pay the $75 fee. This step includes a soft credit pull, background checks for household members 18 and older, and reviewing income verification documents.<\/p>\n Buyers will need to meet Home Partners\u2019 minimum FICO requirement \u2014 which varies by market \u2014 and have a maximum debt-to-income (DTI) ratio<\/a> of 50%<\/a> or rent-to-income ratio of 40% to be approved.<\/p>\n After Home Partners approves a buyer, they inform them of their maximum allowable monthly rent. The home-seeker then works with the licensed real estate agent<\/a> of their choice to find the right home.<\/p>\n \u201cHome Partners is affiliated with various brokerages and can get them connected to a Realtor\u00ae \u2014 I happen to be on their list,\u201d explains Ellen Williams<\/a>, a top-selling agent who works with 66% more single-family homes than the average agent in Joliet, Illinois<\/a>. \u201cSo after they are approved, I call the client, and we talk about the process, and we go shopping and look for a house they like.\u201d<\/p>\n You can either search for homes on the program\u2019s website or choose from a wide variety of properties in communities that Home Partners serves \u2014 as long as they fit the program\u2019s investment criteria and your budget as the home-seeker. These are the criteria<\/a> for properties within Home Partners\u2019 parameters:<\/p>\n \u201cHome Partners doesn\u2019t really want to purchase homes that back up to big tension wires, or homes that might be difficult for them to sell in the future,\u201d Williams notes, based on her experience working with the company.<\/p>\n When you find a home you love that meets the criteria, your agent will submit it to Home Partners for review. If everything checks out, Home Partners will make an offer to the seller. And if the seller accepts, the company buys the home.<\/p>\n Next, prospective residents must sign a one-year lease for the home as well as a \u201cright to purchase\u201d agreement, similar to a lease purchase option agreement<\/a>, that gives you the right to buy it later if you want to. You\u2019ll pay a security deposit and the first month\u2019s rent.<\/p>\n\n