Qualifications - Rent To Purchase Program

In this section or page of this site, we will refer to Leonard R Terry, Broker / Certified "HPA" Agent / REALTOR® Doing Business As (DBA) Rent 2 Own Central Florida Services as "R2O" and Home Partners of America, LLC as "HPA".

"HPA" has certain minimum criteria for their 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. 

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. 

You also must provide income 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.

"HPA" takes 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.

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

"HPA" has a one-time Application Fee between $75-$99 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. 

You must work with our Certified Agent, Rent 2 Own Central Florida, a Licensed Florida REALTOR® ("US") to search for homes that meet Home Partners of America, LLC's ("HPA") purchasing criteria. 

Generally, this means that the home should be:

1. Located in an approved community (home is displayed on https://Rent2Own-CentralFL.com or www.homepartners.com (all homes on "R2O's" website are also on "HP's" site) and is not adjacent to features that may negatively impair value);
2. Listed for between $100,000 and $450,000 in most states, though exceptions apply;
3. Located on a lot no more than two acres with a minimum of two bedrooms;
4. A single family home or fee-simple town-home; condo associations, condo interests, commercial and multi-family properties are not eligible for the Rent to Own (RTP) Program;
5. A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program;
6. Free from material deficiencies;
7. No guest houses/ in-law suites with separate entrances;

Please note "HPA" 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, Southern California, Arizona, and Nevada.

Once you have selected a home, "WE" must submit it to "HPA".

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 Rent 2 Own Central Florida REALTOR® to search for homes that meet our purchasing criteria. Generally, this means that the home should be:

1. Located in an approved community (home is displayed https://rent2own-centralFL.com and is not adjacent to features that may negatively impair value);
2. Listed for between $100,000 and $450,000 in most states, though exceptions apply;
3. Located on a lot no more than two acres with a minimum of two bedrooms;
4. 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;
5. A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program;
6. Free from material deficiencies;
7. No guest houses/ in-law suites 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, Southern California, Arizona, and Nevada.

Once you have selected a home, Rent 2 Own Central Florida REALTOR® must submit it to Home Partners of America, LLC. online.

No. The homes shown on our websites are listed 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 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 our website is for informational purposes only and cannot be guaranteed by Home Partners. 

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 you are able to move in. 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 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 "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. 

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.