Lease with a Right to Purchase – How it Works

Here’s an overview of how the Home Partners’ Lease with a Right to Purchase Program process works, from prequalification to application to approval to home close:

Apply for approval (Click here to apply)

Prospective residents start the process by filling out a Pre-Qualification Application that checks key issues.*

*Anyone who is 18 years or older and will reside in the home must complete both the Pre-Qualification and the Full Application.

If the Pre-Qualification Application is approved, the applicant will be required to submit a Full Application for a full credit and background check.

If a Full Application is approved, Home Partners will outline the maximum Monthly Rent of the home for which the prospective resident qualifies. (Click here for The Math)

Find a qualified home

Prospective residents will work with a REALTOR® to find a home in an approved community.

Once a home is identified and approved by Home Partners, Home Partners will attempt to purchase the home — the outcome of which will depend on certain conditions being met such as agreeing on a purchase price with the seller, a satisfactory inspection, attorney review of the purchase contract, and other closing conditions being satisfied.

Home Partners buys the qualified home, household leases the home

Prospective residents will be required to sign a one year lease for the home as well as the Right to Purchase Agreement.

Household has right to purchase the home

We buy the home. You lease it and have the right to buy it later, should you wish.