Rent-To-Own a Home With Home Partners of America
In this blog, we will cover and discuss the rent-to-own a home with Home Partners of America (HPA). The rent-to-own a home with HPA is a homebuyer down payment assistance program where you get to purchase the home of your dreams now and get a mortgage later.
There are many instances where many homebuyers are able and ready to qualify and afford a home purchase.
How Does The Rent-To-Own a Home With HPA Work?
The rent-to-own a home with Home Partners of America is a great first-time homebuyer assistance loan program for renters who are ready to become homebuyers but need a little time to qualify for a mortgage.
Here is the mission statement in the about-us section of Home Partners of America (HPA)
How Can I Qualify For a Mortgage With Bad Credit?
However, there are certain hurdles in getting a mortgage loan approval. It can be any series of reasons such as bruised credit, raising their credit scores, late payments in the past 12 months, not enough re-established credit, overdrafts in checking accounts, or a handful of other reasons. In the following paragraphs, we will cover and discuss the path to homeownership with the rent-to-own a home with Home Partners of America.
Buying a Home With Bad Credit With Own-To-Rent a House With HPA
Home Partners of America has a clear path toward homeownership for those renters that are close to being able to buy a home. However, they are just quite not there yet. The rent-to-own-a-home HPA program was built on a foundation of choice and flexibility. HPA is committed to helping renters achieve the “American Dream” of homeownership while helping them build a secure financial future.
Are You Ready To Take on The Responsibility To Become a Homeowner?
Taking on the responsibility of becoming a homeowner?
Want To Purchase a Home But Not Quite Qualify For a Mortgage Yet
The rent-a-home Home Partners of America program is designed for people who may be first-time home buyers but do not quite qualify for a mortgage but will soon. Many first-time homebuyers get nervous to take on such a large financial commitment and often wonder whether they can or ever will qualify for a mortgage.
How Does The Rent-To-Own a Home Program Work With Realtor and Loan Officer Partners?
The rent-to-own a house HPA housing and mortgage program works with top loan officers experienced in helping borrowers with less-than-perfect credit and low credit scores. The rent-to-own a home is also perfect for people who just recently relocated and are still learning the area.
The rent-to-own a home HPA program is also ideal for people who have the credit profile to buy a home but are still trying to be financially capable. The rent-to-own a home HPA program is ideal for people who are ready to own a home but just need a little more time to get approved for a mortgage.
Turning An MLS Listing Into A Rental With the Option To Purchase
Often you will find the reason why people choose to rent is that they don’t have the confidence in their ability or means to purchase a home. More times than not, although renters believe that’s the case, it usually is the opposite. Many successful real estate professionals focus mainly on converting renters to buyers. ‘
After meeting with local realtor partners, I was introduced to and educated on a program known as Home Partners Of America or HPA. This program is a new path to homeownership for renters that were never able to buy before! In this blog, I am going to dive into the details of HPA and hopefully provide a restored feeling of hope for current renters.
In How Many States Is The Rent-To-Own HPA Program Good?
The Home Partners of America program is currently offered in 22 states servicing a total of 44 cities within the Continental United States. States such as California, Florida, and Texas have multiple cities where HPA is offered. Other states such as Nevada, Arizona, and Missouri only have one city where the HPA program is eligible.
The other states where you can work with HPA include Colorado, Georgia, Illinois, Indiana, Kansas, Maryland, Minnesota, Missouri, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington, and Wisconsin. Home Partners of America have helped over 60 THOUSAND people move into the home of their dreams.
How Difficult Is The Rent-To-Own a Home With HPA?
The process is extremely customer friendly and helps both consumers and realtors in the house-hunting process. The easiest way to describe HPA is a “lease to own” option.
First, you should find a local real estate agent and explain to them your intent on using the HPA program.
The Rent-To-Own a Home Mortgage Loan Process
With the help of their agent, the consumer can begin the application process, which I will go more in-depth later on.
After being approved, with NO impact on your credit score, your realtor will begin to show you houses that you have seen online at www.realtor.com or Zillow. 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.
Rent-To-Own a House With HPA Now and Get Mortgage Later
Why am I looking at homes listed for sale, when I’m not ready to purchase yet? Home Partners of America will work with you and your realtor and once you have found the right home, they will purchase the home in cash. That’s right, in cash. They will provide you and the realtor documentation to present listing agents with a full cash offer. This will help you versus other potential buyers who are submitting offers but have a mortgage contingency, and make your offer more attractive!
Rent-To-Own a Home That Needs Renovation With HPA
HPA will then send approved local contractors to the property to make sure it is fully compliant with FHA Guidelines. Once the home closes and the necessary work is done, the consumer will be eligible to occupy the home.
During the waiting period, the consumer will sign a contract with HPA and provide them a down payment.
Rent-To-Own a House With HPA Eligibility Requirements
The application fee is $75 per household and the minimum credit score required is 620. However, the down payment differs from each area, so click here to see what it is in your area.
The good news is, any money you put down will count toward the down payment when you decide to purchase the home. Another key fact to remember is that home values also fluctuate based on location.
Am I A Good Fit For Rent-To-Own a House With HPA?
This is the perfect option for you if you have become discouraged in the home-buying process due to a lack of getting your offer accepted. If you are wanting to buy, however, you are unsure of the market stability at the moment. Relocating and not sure of the exact location of your long-term desired area. If you are wanting to buy but interest rates have set back your desired purchase price range. Or if you are getting things ready to buy a home such as working on saving for a down payment.
Frequently Asked Questions on Rent-To-Own a Home
Below we will go over some common frequently asked questions on rent to buy a home with Home Partners of America: Are you renting and cannot qualify for a home loan just quite yet and are tired of witnessing home prices skyrocket before your eyes?
- This program is PERFECT for you
- Home Partners of America has a rent-to-own-a-home program.
- Rent now and you can obtain a mortgage within a certain period of time
- During this period of time, you will be working with a mortgage loan officer who is an expert in rebuilding your credit to qualify for a mortgage.
Do you own a restricted dog breed and are not allowed to keep it? Maybe a true lover of Pitbull? This opportunity is perfect for you! There are NO breed restrictions in the program. (check HOA for any possible restrictions that might affect a particular home)
The Rent-To-Own a Home With HPA Pet Policy
How many pets do you have? If you have 1, 2, or 3 pets you are a great fit for this program. The only stipulation is as all together they weigh 180lbs or less, collectively. The rent-to-own a home program is great if you are ready, willing, and able to buy your own home but do not have the down payment quite yet.
However, you will be receiving a large bonus soon and use that for your down payment instead of your savings. You are ready, willing, and able to rent to buy a home but that promotion that you are about to receive would put your purchase price in the range of that neighborhood you have been dreaming about or is a closer commute to work or the airport.
How Does HPA Benefit Realtors and Mortgage Brokers?
When dealing with clients who are interested in the HPA program it is important to realize this program benefits everyone! For instance, if a mortgage loan officer from Gustan Cho Associates, which is licensed in 48 states, has a client that needs a few months due to financial restrictions before being able to get approved for a mortgage, they can refer the client to HPA.
Once they are ready to purchase the home, most clients will be so thankful that you referred them to the rent-to-own a home program with HPA, they will come to you to get their mortgage. On the other hand, realtors benefit from HPA immediately. When you enroll a client into the program, HPA becomes the buyer. Therefore, once HPA closes on the house, the realtor will receive their commission. The most important thing to remember as a professional is that our clients come first. If you treat every client with that same approach, everyone in the process will benefit.
This blog on rent-to-own a home with Home Partners of America was written by Nick Aquino of Aquino Mortgage Group, LLC an affiliate of Gustan Cho Associates
October 23, 2022 - 6 min read