Signed in as:
Signed in as:
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:
"HPA" takes several factors into consideration when reviewing an application, which include:
"HPA" will usually make a decision on your application within 1 to 2 business days of receiving all required information and payment of the application fee which includes all members of the household.
"HPA" takes 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.
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.
On average, it takes approximately five to six weeks from the time we enter into a purchase agreement for a home until the day the prospective tenant(s) are able to move in. Holidays may delay the process. There are a number of variables that may affect the move-in time frame, including the length of negotiation with the seller leading up to when "HPA" enter into a purchase agreement, what the home inspection reveals with respect to required repairs, and the renovations you request. "HPA" will keep the prospective tenant(s) informed throughout the entire purchase and renovation process so that you are aware of this timing.
Many times selecting a vacant home will require less time for the process because:
The tenant(s) are "HPA's" tenant, and "HPA" is the tenant(s) landlord. The tenant(s) have entered into a lease agreement with "HPA" for one year whereby both parties are bound to the terms of that lease agreement. "HPA" will collect monthly rents and perform any necessary repairs that are their 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 executed prior to the tenant(s) occupying the property.
Certain situations may be considered on a case-by-case basis dependent on regulations of specific areas our discretion.
Common interest communities, homeowners, town home associations, subdivisions and planned communities (each, an HOA) enforce rules and restrictions for the residents and homes in their particular geographical area. These rules and restrictions may disqualify a home from our consideration. Any fines assessed by the HOA that are a household responsibility are charged back to the residents during occupancy.
The following is a non-exhaustive list of our
You may notify "HPA" 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.
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.
"R2O" or "HPA" are not a mortgage company and we will not provide or arrange a mortgage loan for you. We cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Right to Purchase.
"HPA's" residents are allowed a maximum number of three (3) pets (cats or dogs) weighing less than 180 pounds in total combined weight. "HPA" expressly prohibits the following dog breeds (including partial mixes of same): Doberman, Pit-bull, Rottweiler or Mastiff. Further, livestock/farm animal pets such as pigs, horses, chickens and goats, aquariums over 20 gallons, and exotic, venomous and verminous pets, are not allowed. In most states, there is a $300 nonrefundable per pet fee, refundable upon purchase of the home. Please note that although assistance animals are excluded from Home Partners’ pet policy requirements, supporting documentation is required to qualify as such.
Copyright © 2022 Terry Real Estate Services, PLLC
a fLORIDA rEAL eSTATE pROFESSIONAL lIMITED lIABILITY cORPORATION (pllc) - cq1062870
dba "Rent 2 Own CENTRAL FLORIDA sERVICES" - All Rights Reserved
lEN tERRY, qUALIFING bROKER (bk3000273), gri rEALTOR & mANAGING mEMBER
aCTIVE mEMBER OF tHE fLORIDA & nATIONAL rEALTOR aSSOCIATIONS
I am a Residential & Commercial Realtor, Accountant and Tax Professional with a background in SBA Loans applications and compliance reporting to lenders.