FAQ's

FAQ's - Everything you need to know is here!

Can I Just Do a Standard Lease?

Yes, absolutely. Our program is very simple. You sign a one-year lease, with no additional obligation to renew. Once that lease is up, you have the right to renew, and can do so each year for up to four additional years.

If you decide not to exercise your right to purchase, that's fine. Simply vacate the property at the end of any one year lease period and get your security deposit back providing your are compliant with your current lease and move on.

What is the Lease with a Right to Purchase Program?

"HPA's" 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 who may also like to buy at any time within the next five years.
"HPA" believes 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 a home for up to five years, depending on the state, and you may purchase the home from us at any time at a predetermined price in accordance with the Right to Purchase agreement. "R2O" principals are seasoned professionals that can assist you when you need help or further explanation.

Who is eligible for the RTP Program?

"HPA" has certain minimum criteria for their program:

Household must have a combined annual income of $45,000
A FICO credit score of 600 for the highest wage earner in the family in the Orlando Market. A FICO credit score of 580 for the highest wage earner in the family for Tampa, Sarasota, Fort Myers, Volusia, and Polk County Markets
Must have stable employment
No history of eviction or a pending bankruptcy
Past Bankruptcy okay but must be discharged at time of application
Everyone in the household will be subject to a criminal background check

How do I apply to the RTP Program?

Every member of your household who is 18 years of age or older must complete the Pre-Qualification Application and the Full Application. The Full Application requires certain information including:

Residence and employment history, for each member of the household
Must provide income verification of household members whose income is to be considered in determining the rent approval amount in order for the application to be considered complete
If applicant(s) are moving from a state outside of Florida or starting a new job, we will need confirmation of your new job and income. Two check stubs from a Florida employer are required prior to applying.
Self-employment is acceptable. Prior year federal tax return and two most current monthly bank statements are required

"HPA" takes several factors into consideration when reviewing an application, which include:

Household income
Rent-to-income ratios
Debt-to-income ratios
Rental and housing history
Employment history
Criminal history
FICO® scores.

"HPA" will usually make a decision on your application within 1 to 3 business days of receiving all required information.

How much does it cost to participate in the RTP Program?

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.

Here is a good comparison:

"HPA" Charges one time fee of $75.00 for entire family.
Private owners or their rental managers typically charge $50.00 to $95.00 for each member of your household that is on the application.
"HPA" allows you to consider any number of homes for 90 days.
Private owners or their rental managers charge for each home or apartment (assuming each home is a different owner).
"HPA" pulls your credit once and allows you to consider any number of homes for 90 days.
Private owners or their rental manager will pull your credit for each home (assuming each home is a different owner).

Why might my application be denied?

"HPA" takes several factors into consideration when reviewing an application, which include:

Household income
Rent-to-income
Debt-to-income ratio
Rental and housing history
Employment history
Criminal history
FICO® score.

"HPA" considers the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.

How do I find a home once I’m approved?

You should work with Rent 2 Own Orlando to search for homes that meet our purchasing criteria. Generally, this means that the home should be:

Located in an approved community (home is displayed on www.homepartners.com or this website and is not adjacent to features that may negatively impair value);
Listed for between $100,000 and $400,000 in most states, though exceptions apply;
Located on a lot no more than two acres with a minimum of two bedrooms;
A single family home or fee-simple town home; condo associations, condo interests, commercial and multi-family properties are not eligible for the RTP Program;
A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program;
Free from material deficiencies;
No guest houses/ in-law suits with separate entrances;
Please note we only purchase homes with swimming pools or other water features in certain states. At the current time, we purchase homes with pools only in Florida, Georgia, Texas and Southern California.
Once you have selected a home, Rent 2 Own Orlando must submit it to us online.

Do you own the homes shown on your website?

No. The homes shown on "R2O's" website and "HPA's" website are listed for sale in the markets in which "HPA" operates. This list of homes automatically feeds into "HPA's" website from a listing service and is updated on a regular basis. However, we cannot filter for certain criteria such as whether a town home 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 shown on both website is for informational purposes only and cannot be guaranteed by Home Partners.

Is there a required deposit?

Yes. Generally, "HPA" requires 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.

How long does it take from when I select a home to when I move in?

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.

What happens after I move in?

You are "HPA's" tenant, and "HPA" is your landlord. You have entered into a lease with "HPA" for one year and are bound to the terms of that agreement. "HPA" will collect your monthly rent and perform any necessary repairs that are our responsibility after you move in.

Are the monthly rent payments that I make applied to the purchase price of the home?

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.

How do I exercise my Right to Purchase?

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 "HPA" with that notice in writing at least 60 days before you want to complete the purchase. Once you notify "HPA" that you want to exercise your Right to Purchase,"HPA" will contact you to get the process started.

Can I buy a home in the middle of a lease term or do I have to wait until the end of the year?

You can exercise your Right to Purchase at any time during your Lease. However, you must provide "HPA" 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.

Do you provide me with a mortgage or other financing?

Neither "HPA" or "R2O are a mortgage company and as such will not provide or arrange a mortgage loan for you. Neither "HPA" or "R2O" cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Right to Purchase.

Can I have pets in my home?

"HPA" does 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. "HPA" does not allow for other animals such as pigs, horses, chickens, goats, etc. There is a $300 per pet fee in most states. This fee is due with the required deposit and is refundable in the event you purchase the home. Otherwise, it is not refundable.

HPA's Disclaimers

Prices are subject to change, homes may have been sold or are pending, and some properties may not meet investors criteria for purchase. The homes listed meet the basic qualifications, but certain details which are not necessarily published by the listing agent may disqualify a home, such as the condition, age, HOA qualifications, lot sizes, less than 50% complete subdivisions, etc., to name a few. Please click the link for further details.

The Lease with Right to Purchase Program ("Program") is offered and administered by Home Partners of America, LLC.

Resident and property must meet eligibility requirements, which are subject to change. Please see information about terms and conditions of Program at https://HomePartners.com.

Resident must qualify for a mortgage from a third-party lender to exercise the right to purchase a home. Home Partners does not provide financing for resident to purchase a home. Home Partner's approval for resident to lease home does not mean that resident will later qualify for a mortgage.

Home Partners is not affiliated with any real estate professional (e.g., a real estate broker or sales agent). Real estate professionals and Home Partners are not authorized to act on behalf of the other, and neither is responsible for the conduct of the other, with respect to residents in the Program.

No real estate professional represents or warrants any terms, conditions or benefits of the Program. ©2014 Home Partners of America, Inc. All rights reserved. Home Partners, the Home Partners of America, Inc. logo and "A New Path to Homeownership" are pending or registered trademarks and service marks of Home Partners of America, Inc. or its affiliates.

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