APPLY FOR THE LEASE WITH A RIGHT TO PURCHASE PROGRAM

PRE-QUALIFY AND GET APPROVED NOW
  • APPLICATION FEE:  $75 one time application fee per household (regardless of number of adult applicants)
  • INCOME – Does your household make a minimum of $50,000 per year?
  • EMPLOYMENT STABILITY – Does your household have stable employment?
  • RESIDENCY STABILITY 
  • CREDIT REPORT & FICO SCORE – This program is not credit score driven. Each application is reviewed on a case-by-case basis.  No outstanding apartment or utilities collections
  • PUBLIC FILINGS – Do you or any household member have an open/unsatisfied Chapter 7 Bankruptcy or pending bankruptcy? Have you or any household member ever been evicted or have or had any outstanding apartment collections? No unsatisfied tax liens will be allowed. No open bankruptcies
  • CRIMINAL BACKGROUND – Have you or any household member ever been convicted of a felony? Have you or any household member ever been convicted for drug and or/paraphernalia use, possession, or distribution within the last 5 years? Have you or any household member ever been convicted for offenses against persons or animals? Are you or any household member a registered sex offender or sexual predator or otherwise subject to reporting requirements of any state, territorial, or tribal sex offender registry?
  • RENTAL HISTORY – No history of eviction or default under a lease agreement within the last 5 years. Are you or any household member currently in default under a lease agreement? Have you or any household member ever been reported for a damage to a property in the last 5 years?
  • FORECLOSURE / SHORT SALE – An application is not disqualified on the basis of a short sale or foreclosure alone, but a short sale or foreclosure is taken into consideration in the review.
  • USE OF PROPERTY – Do you intend to carry on any business, profession, or trade of any kind from home (i.e. will anyone be visiting the home for business purposes)?
  • PETS – Do you have any pets? The program allows up to three pets with a combined weight of 180 lbs. Restrictions on aggressive dogs including Pit Bulls, Rottweilers, Doberman Pinchers and Mastiffs. A typical pet deposit is $300 per pet will be refunded if household exercises their Right to Purchase
  • DEBT TO INCOME RATIO
  • RENT TO INCOME RATIO
  • LIFE EVENTS THAT MAY HAVE IMPACTED CREDIT
  • APPLICATION PROCESSING – It normally takes approximately 1-3 business days to process a completed application. All required information must be provided before an application is processed. If any information is missing, email requests will be sent to the prospective household detailing the items that are needed to complete an application.

Does your household have any of the following acceptable forms to verify your income? *

  • Last two (2) pay stubs (most recent one within past month)
  • Last two (2) income tax returns (only if you are self employed)
  • Form W-2
  • Social Security Benefits Award Letter
  • Pension Benefits Award Letter
  • Permanent Disability Benefits Award Letter

APPROVED APPLICANTS

  • Approved applicants will receive an approval letter through DocuSign which must be signed for the approval process to be completed.  The approval letter will list your approval amount.
  • Includes a blank lease and a right to purchase agreement
  • You should encourage approved applicants to review and consult with legal counsel or other advisors
  • Lease and right to purchase agreement are not negotiable and are signed within a few days after going under contract

DENIED APPLICANTS

  • Prospective households who are not approved will receive an email informing them of the decision.
  • They will also receive an adverse action letter by mail.
  • For consumer protection and confidentiality reasons, the reasons for the decision will not be shared with your realtor or anyone else.
  • Unsuccessful applicants who would like clarification on the reason for the decision should email residentstatus@homepartners.com. Questions regarding denials cannot be answered over the phone.
  • Agents do not receive a copy of the email or any information about the reason behind a decision.

CONTINGENT APPROVAL

  • If the prospective household is Contingently Approved, this means that they still need to provide their asset verification (bank statements) for the two month deposit. The status of Contingently Approved is NOT an approval, and households/agents should NOT look for homes until a full approval is received. Once the bank statements are received typically will approve the household within 1-2 business days.
PRE-QUALIFY AND GET APPROVED NOW