Rent-To-Own a Home With Home Partners of America

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Rent-to-Own a Home: Your Path to Homeownership with Gustan Cho Associates

Are you dreaming of owning a home but feeling held back by bad credit, a lack of savings, or uncertainty about qualifying for a mortgage? The rent-to-own a home program offered through Home Partners of America (HPA) could be the perfect solution for you. This program bridges the gap between renting and buying, offering flexibility and a clear path to homeownership.

With the help of Gustan Cho Associates, you can navigate the program and ultimately secure the mortgage you need to make your dream a reality.

In this blog, we’ll cover everything you need to know about how rent-to-own works, the benefits of the program, and how we can help you transition from renting to owning your dream home.

How Does the Rent-to-Own a Home Program Work?

The rent-to-own a home program with Home Partners of America is designed for renters who aspire to become homeowners but need more time to qualify for a mortgage. Here’s how it works:

1. Choose Your Home:
   • Search for homes listed for sale on platforms like Zillow or Realtor.com with your real estate agent.
   • Instead of looking for rental properties, you’ll explore homes you’d eventually want to buy. You will no longer be looking at rental properties, you will be looking at homes that are listed on the Multiple Listing Service (MLS) FOR SALE.
2. Home Partners of America Buys the Home:
   • Once you’ve found your ideal property, HPA purchases the home in cash. This makes your offer more competitive compared to buyers with mortgage contingencies.
3. Lease the Home:
   • You sign a lease agreement with HPA and move into the home as a renter. During this period, you’ll have the exclusive right to purchase the home when you’re ready.
4. Buy the Home Later:
   • When you qualify for a mortgage, you can purchase the home from HPA. Any funds you’ve paid toward the program may count toward your future down payment.

Why Choose Rent-to-Own with Home Partners of America?

The rent-to-own program offers significant advantages, especially for first-time homebuyers or those facing challenges in qualifying for a mortgage. Here are some key benefits:

Flexibility

• You can lock in your dream home now while taking the time to improve your financial situation.
• If you’re new to an area, this program allows you to “test drive” the neighborhood before committing to buying.

No Immediate Mortgage Requirement

• Since HPA buys the home outright, you don’t need to secure a mortgage immediately. This gives you time to:
  • Rebuild credit.
  • Save for a larger down payment.
  • Resolve financial issues.

Competitive Edge in the Housing Market

• By purchasing homes in cash, HPA’s offers are more attractive to sellers, increasing your chances of securing your desired property.

Pet-Friendly Policies

• Unlike many rental agreements, HPA’s program allows pets, including larger breeds like Pitbulls, as long as their combined weight doesn’t exceed 180 pounds.

Am I a Good Fit for Rent-to-Own?

The rent-to-own a home program is ideal for individuals who:

• Are recovering from past credit issues (e.g., late payments, collections, or limited credit history).
• Have a minimum credit score of 620.
• Are working on saving for a down payment or stabilizing their financial situation. The down payment differs from each area, so click here to see what it is in your area.
• Want to own a home but need more time to qualify for a mortgage.

If any of these describe your situation, the rent-to-own program could be your stepping stone to homeownership.

How to Get Started with Rent-to-Own

Here’s a detailed roadmap to kickstart your journey:

Step 1: Application Process

• Submit an application through Home Partners of America. The fee is $75 per household, and applying won’t impact your credit score.
• Once approved, HPA provides you with a budget based on your income and financial profile.

Step 2: Find Your Home

• Work with a licensed real estate agent to find a property within your approved budget.
• HPA allows you to choose from homes listed for sale, not just rentals, which expands your options significantly.

Step 3: HPA Purchases the Home

• After you’ve chosen a home, HPA makes a cash offer to the seller. If accepted, they close the deal and take ownership of the property.

Step 4: Lease Agreement

• You sign a lease with HPA, giving you the right to live in the home and the exclusive option to purchase it later.
• Lease terms are typically 1 to 5 years, allowing ample time to prepare for a mortgage.

Step 5: Transition to Homeownership

• During your lease, work on improving your credit, increasing savings, and meeting mortgage qualification requirements. Gustan Cho Associates can assist with personalized strategies to help you achieve your goals.

How Gustan Cho Associates Can Help

At Gustan Cho Associates, we excel at guiding renters to become homeowners. We understand that challenges like imperfect credit or financial obstacles can arise, but rest assured, we are here to help. Here’s how we can support you:

1. Credit Improvement Strategies: Our dedicated team offers personalized guidance to assist you in improving your credit score, ensuring you reach the minimum requirements for mortgage approval.
2. Down Payment Assistance: We guide you through programs that can supplement your savings, making it easier to afford your new home.
3. Expert Loan Officers: Our loan officers have experience working with unique financial situations, ensuring you get the best possible loan terms when ready to buy.
4. Seamless Transition to a Mortgage: Once you’re ready, we’ll help you secure a mortgage that fits your needs, whether FHA, conventional, or another option.

Current Availability of the Rent-to-Own Program

As of 2025, the Home Partners of America rent-to-own program is available in 22 states and 44 cities across the U.S. States like California, Florida, and Texas offer multiple participating cities, while others like Nevada and Missouri have limited locations. For the most up-to-date list of eligible areas, visit Home Partners of America’s website or consult with our team.

Real Stories of Success

Sarah’s Journey to Homeownership

• Sarah had a credit score of 610 and struggled to qualify for a mortgage. Through the rent-to-own program, she moved into her dream home, worked with Gustan Cho Associates to rebuild her credit, and secured a mortgage within 18 months.

Mark and Lisa’s Relocation Success

• Relocating from out of state, Mark and Lisa used the program to rent a home while getting familiar with their new area. Within two years, they purchased the property and now enjoy the stability of homeownership.

Take the First Step Today

Owning your dream home may feel out of reach, but with the rent-to-own a home program and support from Gustan Cho Associates, it’s closer than you think. Whether you’re overcoming credit challenges, saving for a down payment, or just exploring your options, we’re here to guide you every step of the way.

Don’t wait—start your journey to homeownership today. Apply now or contact us at 800-900-8569 or alex@gustancho.com for more information!

Frequently Asked Questions About Rent-to-Own a Home:

Q: What is a Rent-to-Own a Home Program?

A: A rent-to-own program lets you rent a home while giving you the option to buy it later. It’s a great way to secure your dream home now while preparing to qualify for a mortgage.

Q: Who is the Rent-to-Own a Home Program for?

A: It is designed for individuals looking to purchase a home yet require additional time to enhance their credit scores, accumulate a sufficient down payment, or achieve financial stability.

Q: How Does Rent-to-Own Work with Home Partners of America (HPA)?

A: HPA buys the home you choose in cash, and you rent it from them while working on qualifying for a mortgage. When ready, you can purchase the home.

Q: Can I Choose Any Home with the Rent-to-Own a Home Program?

A: You can select homes listed for sale on sites like Zillow or Realtor.com if they meet HPA’s criteria and are in eligible areas.

Q: Does Rent Money Count Toward my Down Payment?

A: Any upfront fees or option payments may count toward your down payment. Specific terms depend on the agreement with HPA.

Q: What Credit Score do I Need for the Rent-to-Own Program?

A: To be eligible for the HPA program, it’s important to understand that a minimum credit score of 620 is required. This is a standard benchmark that helps ensure a better chance of approval.

Q: Can I Buy the Home Before my Lease Ends?

A: Absolutely! If you meet the necessary mortgage qualifications, you can purchase a home at any point during your lease.

Q: What Happens if I Decide Not to Buy the Home?

A: If you choose not to buy the home, you can move out at the end of your lease without penalties.

Q: Are There Pet Restrictions in the Rent-to-Own a Home Program?

A: The program is pet-friendly, allowing pets up to a combined weight of 180 pounds. However, always check for HOA restrictions in specific neighborhoods.

Q: How can Gustan Cho Associates Help with Rent-to-Own a Home?

A: Gustan Cho Associates is here to help you enhance your credit, build up your down payment, and smoothly transition to a mortgage when you decide to buy your home.

This blog about “Rent-to-own a home with Home Partner of America (HPA)” was updated on January 16th, 2025.