| by Kenneth Chase | 7 comments

Home Partners of America ? Rent to Own Homes Program Explained | MELANIE ❤️ TAMPA BAY


finding a home that is a lease with the
option to buy can be really difficult to find close to impossible in some of the
more popular areas however leasing while you get to know your new city or if
you’re repairing your credit or just want to save more money for your down
payment might be the best option for you so what do you do if you don’t want to
live in a cramped apartment for a few years
stay tuned I may have an option for you hey everybody this is Melanie Atkinson
realtor with Smith & Associates in beautiful Tampa Bay Florida and today
I’m going to talk about a lease purchase program called Home Partners of America
I’m not affiliated with this program in any way but I do think it offers people
that qualify a really interesting option if they wanted to lease before they
purchased a home let’s get straight into it so what is the home partners of
America lease purchase program say you want to own a home in a nice
neighborhood but you just aren’t ready to buy yet maybe you want to be in a
good school zone and there’s really limited rentals for you to pick from or
maybe you’re looking to repair your credit and it’ll take a few years to do
that but in the mean time you want to live in a nice house home partners of
America purchases homes that are currently for sale and leases them back
to you so this opens up a whole lot more options of homes for you to rent because
now you can look at homes that are currently for sale you get to pick the
house they purchase it and you rent it from them at any time during that lease
you can purchase that home for a predetermined price now nothing is that
simple but that’s the basic premise of the program don’t worry we will get into
all the details so who qualifies to be a renter with home partners of America
there is an application process that prospective tenants will have to go
through home partners of America will look into your debt to income ratios
credit score’s housing history in employment history they’re looking for
households with an income of $50,000 or more have stable employment no recent
history of eviction no pending bankruptcy and an acceptable criminal
history once you have been approved as a tenant they will then give you the
maximum amount of monthly rent that you qualify for at that point you can then
call your knowledgeable realtor in start house
so which properties qualify for the program home partners of America won’t
buy you a million-dollar house sorry the maximum price for a home in
the state of Florida is $400,000 and that does vary depending on the state
you live in they will consider a single-family home or townhouse the home
must have at least two bedrooms and be in an approved community they want to
purchase homes that are in good condition it will not purchase short
sale or foreclosure homes the house has to go through an approval
process just like you the tenant has to go through one your realtor will submit
the house you like to home partners and then they will start the process of
approving that home so now you are qualified in your house is qualified
what happens next then home partners of America will attempt to purchase the
property assuming they come to terms for the
seller you will then sign a one-year lease with home partners to rent that
home after they closed on the house and do the necessary repairs so what about
the rent price home partners will determine the rent price and you will
know that price prior to signing your lease agreement each year your rent will
raise by no more than 3.75 percent you can rent the home for up to five years
in the state of Florida and again that does vary by state based on my research
it doesn’t look like their rent prices are out of sync with other homes for
rent in the area what about the security deposit the PO partners requires a
security deposit that is equivalent to two months rent this is a refundable
deposit if you move out as long as you leave the home in good condition if you
purchase the home your security deposit will be credited towards that purchase
can I bring my pets yes there is a three pet maximum with a weight limit of a
hundred and eighty pounds total and there’s also a few breed restrictions
neighborhood HOAs might restrict pets further so make sure you know what the
neighborhood allows as well you will have to put down a $300 deposit per pet
this is non-refundable if you decide to stop leasing the home at any point but
if you purchase the home it is refundable so how do I purchase the home
you can purchase the home at any time you will need to give home partners
60-day notice that you intend to purchase the home and also home partners
is not a mortgage company so you will need to pick a lender
you are provided purchase price information prior to signing the lease
so there should be no surprises on the price that you’re going to pay so here’s
how they figure out the total cost say they purchased the home from the seller
for $200,000 they charge you for the closing costs say around $3,000 and they
also charge you for any make ready repairs say for example you wanted the
carpet replace and that was a total cost of $4,500 home partners also has a
$2,500 maintenance fee that they add to the total this maintenance fee is to pay
for any maintenance that your house may need during the terms of your lease so
that brings the total cost of your home to two hundred and ten thousand every
year the purchase price rises by five percent of your total cost again this
varies by state the state of Florida is five percent so after renting for a year
the purchase price that you pay is five percent more than the total cost that
comes to two hundred and twenty thousand five hundred dollars year two is then
five percent more than year one’s cost that would be two hundred and thirty one
thousand five hundred dollars and so on up to five years if the prices in your
neighborhood happen to rise more than five percent per year
you’re not gonna pay more for your house however if they don’t rise more than
five percent a year they’re not going to give you a discount either so what are
the pros and cons to this program the biggest Pro to this program is that it
allows people who want to live in good neighborhoods the ability to do so
without having to purchase the home right away this benefits new residents
who want to get to know their community or people who need to repair their
credit or want to save more money for a down payment the program is transparent
and all the costs and fees are outlined prior to going into a lease agreement
your only obligation is to rent a house for one year if you’re a seller and
you’re having a hard time selling your house you may want to look into this
program it may attract more buyers home partners will pay a fair price for your
house so the cons mostly revolve around the fees associated with buying the home
home partners is going to roll the closing cost over to you and also
increase the price automatically five percent a year if for some reason the
house doesn’t appraise when you go to purchase it that can be an issue for you
you’ll either have to bring more money down to make up the difference or you’ll
have to wait until the house does appraised that’s definitely something
you want to talk with your Realtor about when you’re looking for homes you were
also paying for the make ready improvements but I don’t necessarily see
that as a con because most new homeowners are gonna put some money into
their house to make it ready for them anyway
also they require two months deposit which might be a little hard for some
people to get if you currently own a home in another state and you’re trying
to qualify with home partners to lease a house here it may be difficult to
qualify with their debt to income ratio I hope this was informative for you
lease purchasing is so helpful for certain people but it’s also so
difficult to find check out the description for the home partners
website to see if they have the program in the area that you’re looking to lease
or buy if you’re interested in this program in the Tampa Bay area give me a
call or email me and I’m happy to help you if you’re looking for something else
to watch on my channel check out the video called should I rent before I buy
it goes right along with this topic thank you so much for watching
with love Melanie

7 Comments

Melanie Loves Tampa Bay

Jul 7, 2019, 4:35 pm Reply

While I am not affiliated with this company in any way, I do feel the program offers a valuable option for those who qualify so I want to share some details.

https://www.homepartners.com/
*Criteria subject to change and may vary by state

Street Muscle

Jul 7, 2019, 4:35 pm Reply

Thanks Melanie for sharing, good information! will this work for new construction directly from the builder/developer? I've seen similar programs for buying a model home where the builder will rent from new owner until all homes in a new development/phase are sold.

Eric Perich

Jul 7, 2019, 4:59 pm Reply

I never heard of this program before. Thank you for Sharing Melanie! Have a Nice Day. ☉

Kae Jovi

Jul 7, 2019, 6:49 pm Reply

Can u tell me how prominant snakes are in Clearwater?

Harry P

Jul 7, 2019, 8:06 pm Reply

Sounds like a good program for certain individuals.

The Corporate Hijabi

Jul 7, 2019, 3:28 pm Reply

Wow!!! You just blew my mind!!! This is sooo awesome!!! Thank you

center builder

Aug 8, 2019, 2:24 am Reply

Nice video lots of info

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