The first recommend step is to review the pre-qualifications for the program. The pre-qualification application should be submitted next to see if you are eligible candidate for the program. Once reviewed, if eligible, you will be asked to submit the full application. The application is $75 and covers everyone 18 and older that will reside in the home. The application will be processed by Home Partners and if approved, you will be notified of the maximum monthly rent which you would be approved to lease.
Once approved you will work with one of our Buyer Specialist on our team to help you find your dream home. You are able to search all over Metro Orlando to find your home and any home is eligible within the budgeted amount given during the approval process. Once we find the home we will then submit the home for approval via Home Partners. Once the home is approved by them they will attempt to purchase the home from the seller. The final purchase of the home is dependent on the inspections and other closing procedures which must be satisfied.
Once the home has been purchased by Home Partners, you are able to lease the home from them until you are ready to buy. The home will have a one year lease minimum agreement as well as an exclusive right to purchase agreement and a security deposit similar to what you would have with a typical lease. The best thing about this programs is that you will not have to put down a large nonrefundable deposit like you typically would do in a lease to own type of scenario.
Once the home is purchased and you are renting from Home Partners you will have an exclusive right to purchase the home anytime will you are leasing it within 5 years at a predetermined price.