Our Lease with a Right to Purchase Program (the “RTP Program”) allows you to find a home that you want to rent from us initially, but may also like to buy in the next three to five years. We believe that there are many households who may be thinking about buying a home but for whatever reason would like to rent at the current time. You can lease the home for up to three to five years, depending on the state, and you may purchase the home from us at any time at a predetermined price.

We have certain minimum criteria for our program. Your household must have an annual income of $50,000. You must have stable employment. We cannot accept you into our program if you or anyone in your household has a history of eviction or a pending bankruptcy. Everyone in your household will be subject to a criminal background check.

GENERAL CRITERIA FOR APPROVAL:

    • Full online application for every household member who is 18+.  Each adult must have an SSN or TIN number to apply.
    • Income verification:  Last 2 most recent paycheck stubs, W2 form, copy of last year’s tax return, offer letter (for a new job), profit & loss statement (if self employed), last month’s bank statement (if self employed).  Auxiliary income:  child support, alimony, disability, social security, retirement income, verifiable award letter or court documents.
    • Your household should have any of the following acceptable forms to verify your income:  (1) Last two (2) paystubs, most recent one within the past month, (2) last two (2) years income tax returns (ONLY IF YOU ARE SELF EMPLOYED), (3) Form W-2, (4) social security benefits award letter, (5) pension benefits award letter, (6) permanent disability benefits award letter
    • Your household should make a minimum of $50,000 per year
    • Your household should have at least twice your target rent amount available in a bank account
    • There should be no open or unsatisfied Chapter 7 bankruptcy.  All bankruptcy proceedings should be discharged.
    • There should be no evictions or outstanding apartment collections
    • No one in your household should be a registered sex offender or sexual predator
    • No one in your household should currently be in default under a lease agreement
    • No one in your household should ever have been reported for damage to a property within the last 5 years
    • The home should not be used for any retail business
    • The approval and purchase process can take 35-45 days from the time Home Partners goes under contract to buy a home until the date you move in.  Please plan your time accordingly.
    • The target monthly rent for the Houston and surrounding areas is a minimum of $1,250. Your desired move in date should be approximately 45 days from the date of approval.
    • Asset verification:  monthly bank statement
    • There is a one-time Application Fee of $75 per household that must be paid online as part of the application process.  This Application Fee covers all applicants in the household and is non-refundable.
      NOTE:  Your $75 application fee will not be processed unless you are approved.
    • If approved, there is a security deposit equal to two (2) month’s lease payments.
    • Minimum monthly rent in the Houston market is $1,250
    • Lease term 1-3 years
    • Minimum $50,000 combined household income
    • Credit score as low as 525 or higher.  A higher credit score dos not guarantee approval
    • Good rental history, no evictions
    • No felonies (no felonies within the last 7 years, no violent, sexual or drug related crimes from any time)
    • No pending bankruptcy (discharged bankruptcy OK)
    • If your application is DENIED, you will receive notification in writing.
    • 1-3 business days needed to process an application.  If information is missing, we will send email requests for additional information.
    • If your application is APPROVED you will receive an APPROVAL LETTER, you will work with us as your REALTOR® to search for homes that meet our purchasing criteria.

Every member of your household who is 18 years of age or older must complete the online application. The Full Application requires certain information, including residence and employment history, for each member of the household. You also must provide income and asset verification for each member of the household whose income is to be considered in determining the rent approval amount in order for your application to be considered complete.If you are moving from a different state or starting a new job, we will need confirmation of your new job and income.

We take several factors into consideration when reviewing an application, which include household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, and FICO® scores.

We will usually respond to you regarding your application within 1 to 2 business days of receiving all required information.

We have a one-time Application Fee of $75 per household that must be paid online as part of the application process. This Application Fee covers all applicants in the household and is nonrefundable.

We take several factors into consideration when reviewing an application, which include household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and FICO® score. We consider the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.

You should work with your REALTOR® to search for homes that meet our purchasing criteria. Generally, this means that the home should be:
1. Located in an approved community (based on high schools and not adjacent to features that may negatively impair value);
2. Listed for between $100,000 and $550,000 in most states, though exceptions apply in California, Virginia and Washington;
3. Located on a lot no more than three acres with a minimum of two bedrooms;
4. A single family home or fee-simple townhome; condo associations, condo interests, commercial and multi-family properties are not eligible for the RTP Program;
5. A traditional sale; short sales, auctions, and REOs are not eligible for the RTP Program; and;
6. No material deficiencies (e.g., major structural issues, pervasive mold, etc.);

Please note we only purchase homes with pools in certain states. At the current time, we purchase homes with pools only in the following states: California, Florida, Georgia, Oklahoma and Texas.

Once you have selected a home, the REALTOR® must submit it to us online.

No. The homes shown on our website are for sale in the markets in which we operate. This list of homes automatically feeds into our website from a listing service and is updated on a regular basis. However, we cannot filter for certain criteria such as whether a townhome is or is not fee-simple so there is a possibility that a home shown on our website does not meet our minimum eligibility criteria. The information on available homes is for informational purposes only and cannot be guaranteed by Home Partners.
We only consider homes that have default public high school attendance zone for public high schools ranked in the top 50% within each of our approved markets (based on standardized math and verbal test scores). A home must fall within the default attendance zone of an approved public high school, so although the lists on our website are sorted by county, we do not consider homes that do not meet this requirement.
Yes. Generally, we require a deposit equal to two months’ rent. This deposit is not applied towards your rent. If you decide to leave the home at the end of any one-year lease term and you have been in compliance with the terms of the lease and return the home in the same condition it was in when you moved in (normal wear and tear excepted), the full deposit will be returned to you or credited to the purchase price if you buy the home. The full deposit (less any outstanding charges owed to Home Partners) is also returned to you if you exercise your Right to Purchase the home.
On average, it takes approximately five to six weeks from the time we enter into a purchase agreement for a home until the day you are able to move in. There are a number of variables that may affect the move-in timeframe, including the length of negotiation with the seller leading up to when we enter into a purchase agreement, what the home inspection reveals with respect to required repairs, and the renovations you request. We will keep you informed throughout the entire purchase and renovation process so that you are aware of this timing.
You are our tenant, and we are your landlord. You have entered into a lease with us for one year and are bound to the terms of that agreement. We will collect your monthly rent and perform any necessary repairs that are our responsibility after you move in.
No. Monthly rent payments are not applied to the purchase price of the home. If you decide to exercise your Right to Purchase, you must pay the full predetermined price as set forth in the Right to Purchase Agreement.
You may notify us at any time that the Lease is in effect that you would like to exercise your Right to Purchase. However, you must provide us with that notice in writing at least 60 days before you want to complete the purchase. Once you notify us that you want to exercise your Right to Purchase, we will contact you to get the process started.
You can exercise your Right to Purchase at any time during your Lease. However, you must provide us with written notice of your intent to exercise at least 60 days before you want the sale to close. In addition, the closing date must occur before the end of the applicable Lease term.
Virtue Realty will assist you in obtaining a mortgage. If you are in need of credit enhancement to qualify for a mortgage, Virtue Realty will assist you in enhancing your credit profile so you can qualify for a mortgage.
We do allow up to three pets (cats or dogs) with a max weight limit of 180 pounds total. For dogs, you must not have a Doberman, Pitbull, Rottweiler or Mastiff. We do not allow for large animals (other than cats and dogs) such as pigs, horses, chickens, goats, etc.  The pet fee is $300 per animal.  Caged and aquarium animals are fine.
  • The home can be any existing home listed for sale on the MLS through www.HAR.com (Houston Association of Realtors);
  • Home must be located in an approved community and school district (based on high schools and not adjacent to features that may negatively impair value);
  • Listed for sale between $100,000 and $550,000;
  • Located on a lot no more than three acres with a minimum of two bedrooms;
  • A single family home or fee-simple townhome;
  • No manufactured or mobile homes;
  • Swimming pools are OK
  • A traditional sale; short sales, auctions, and REOs are not eligible for the RTP Program; and;
  • No material deficiencies (e.g., major structural issues, pervasive mold, etc.);
  • Once you have selected a home, it must be submitted by a REALTOR®
The security deposit is equal to two times the rent on a home and is due within 48 hours after we go under contract for a home.  You must have a current bank statement which shows you have funds to cover the security deposit.
Chapter 7 bankruptcy must be dismissed. No open or pending Chapter 7 bankruptcy will be allowed.  Chapter 13 is OK as long as you can prove you are making payments.
Everyone in the household must have acceptable criminal history (nonviolent felony, drug or sex related charges, cannot be listed on national or state sex offender registration lists or have committed crimes against persons or animals.)