John O'Haugherty
Coldwell Banker Realty

Welcome To A New Path For Home Ownership!

 

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Are you close to being able to buy a home, but aren’t quite ready?

Do you need to rent right now, but really want to buy a home in a couple years?

Did you just move to the Dallas Fort Worth Metroplex and aren’t sure where you want to live? 

If so, Home Partners of America’s Lease with a Right to Purchase Program may be the right choice for you.

 

PROGRAM SUMMARY

Home Partners provides responsible households with a clear and transparent path to home ownership, through its Lease with a Right to Purchase Program. This program provides three years of rent certainty with only a one-year financial commitment on the lease, and the option to buy at any point.

 

ADVANTAGES

As with a standard lease agreement, Home Partners requires you to sign a lease for a year and make a security deposit.  Unlike a standard lease agreement, you will have renewal options providing three 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. Also, with the majority of homes in our area being approved with Home Partners, you can pick almost any home in the MLS that is for sale. The option to rent something for sale means that you will likely find a home that is in better condition than if you were to find a home already listed for rent.

 

KEY CONSIDERATIONS

Home Partners buys homes in specific approved communities, so please visit their website to check a specific address or see if a community is currently approved. 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, assuming you don't renew and you are still within your three year window. The price cap for Home Partners in DFW is $400,000.

 

LEASE AGREEMENT

Your initial lease is for one year, so your financial commitment is limited to one year.  Your lease is renewable every year for three 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.

 

APPLYING

If you think this program might be right for you then let me know, and I will email you an application. Home Partners doesn't focus exclusively on your credit score. The full credit profile of your entire household is taken into account when they review your application to the Home Partners program.

 

RIGHT TO PURCHASE AGREEMENT

Your Right to Purchase Agreement gives you the right to purchase the home you selected from Home Partners at anytime for the predetermined price for three years, as long as you have been in compliance with the lease and agreements set out. You are under NO OBLIGATION to buy the home from Home Partners.

 

For more information visit Home Partners of America's website.