Rent with A Right to Purchase

Program Eligibility Criteria

The program considers credit, background, and income of all full-time household members 18 years of age and older. The application fee is $99 per household NOT per person.

Residents:
The following are general eligibility for requirements for the program.
✧ 580+ FICO score from TransUnion Credit Bureau (score does not guarentee approgal if all other conditions are not met)
✧ The household must make a minimum of $45,000 gross annual income (for self employed individuals, there are great options available. See income documentation section)
✧ Clean criminal background history
✧ No pending bankruptcies or evictions in the last 12 months.

Pre-Screening Questions:
✧ Do you or any household member have an open/unsatisfied Chapter 7 bankruptcy?
✧ Have you or any household member been evicted within the past 3 years?
✧ Have you or any household member had a landlord collection/judgment filed and not dismissed within the past 3 years?
✧ Do you or any household member have any unsatisfied apartment/rental collections exceeding $250 that originated within the past 3 years?
✧ Do you or any household member have any unsatisfied repossessions that originated within the past 6 months?
✧ Do you or any household member have more than one outstanding collection, charge-off and/or currently past due account (excluding medical and student loans) with a cumulative unpaid balance of $1,000 or more within the past year?
✧ Are you or any household member on any OFAC sanctions lists, including the Specially Designated
✧ Nationals and Blocked Persons lists, or are a registered sex offender or sexual predator or otherwise subject to reporting requirements of any state, territorial, or tribal sex offender registry?
✧ Has any household member had a felony conviction(s) within the last 6 years?
✧ Do you or any household member intend to carry out any business, profession, or trade of any kind from home where clients will visit?
✧ Does your household make a minimum gross income of $45,000 per year?
✧ Do you or any household member have any pets or other animals that will reside in the home/on the premises?
✧ Will your household be able to provide a deposit equal to twice your desired monthly rent amount upon signing your lease agreement?
✧ I understand that the process can generally take 35-45 days from the time we goes under contract to buy a home until I may be able to move in. I have sufficient time in my moving plans for this general time frame.

Foreclosures:
We consider a foreclosure or short sale as a factor in our review of the application. It is not in and of itself an automatic disqualifier. Client doesn’t need to wait for any period of time after a foreclosure or short sale before applying to the program. In fact, they can apply to our program while still in the process of going through a foreclosure or short sale. Please contract me directly if you have any questions regarding this.

Income Verification Documentation:

There are several ways you are able to verify your household's income with this program.

Conventional Emploment: 2 most recent pay stubs
Please note that if the household is relocating or an applicant has secured a new position, we also require an offer or transfer letter on the employer's letterhead, identifying the income and start date, in PDF form, and signed by the employer.

Self-Employement / Contract Employment: Most recent tax return and 2 most recent personal or business bank statements
Please note that if the self-employed position was acquired recently and a tax return is not available, then EIN documentation will also be required. If the household is relocating and the business is location-based, we also require bank statements establishing that such business has been operating for at least two months in the state to which the household is relocating (as listed on application).

Investment Rental Income
Most recent tax return, executed 1-year lease, together with document establishing rent has been paid on time for the last 2 months

Annuity / Retirement / Pension: 2 most recent benefit statements

Military: 2 most recent pay stub (unless transferring, in which event 1 recent pay stub and transfer letter are required)

Social Security / VA Disability: Most recent award letter

Child support / Alimony: Court documents awarding support, together with document establishing support has been paid on time for the last 2 months

Trust Account: Trust document and 2 most recent bank statements

Lump-Sum Prepayment of First Year's Rent plus Security Deposit: In lieu of income verification documentation set forth above, an applicant may elect to pay the entire first year’s rent and security deposit, which shall be due and payable at the time Home Partners executes a purchase contract for such applicant’s selected home. To qualify for this option, the applicant must show available funds with a current bank statement.

Property Eligibility Criteria:

Location:
✧ Properties must be located in an approved community. Click Here to see a complete list of Eligible Communities Our investor wants to purchase homes in neighborhood communities within close proximity to centers of activity.
✧ They will not purchase homes located within close proximity to structures that could impair value including industrial buildings, high traffic roads, railroad tracks, or airport runways.
✧ Homes within a 100-year flood zone do not qualify except in Florida where a base flood elevation difference of -1.5 or higher is allowed.
✧ They will not consider homes in subdivisions or new construction phases that are less than 50% complete.
✧ They will not consider properties with tax rates including special service/community development/Mello-Roos fees greater than 4% of the property’s value.

Rental Inspections: Many county or municipal governments require a rental license inspection prior to resident move-in. Prospective residents who select homes in these areas should be aware that move-in dates could be thirty days or more after the closing date. Please check with the county and municipality in which the property is located to confirm their rental license requirements.

Property Type:
✧ Short sale, foreclosure or probate properties, bank-owned properties, or any property sold at auction or by a government agency do not qualify
✧ Sellers must be willing to use the standard state contract and not require addenda aside from a builder warranty (They will use the Pulte Homes contract in certain markets – please inquire for more information).
✧ Cannot purchase condominiums, including single-family homes or townhomes that are condominium ownership.
✧ They cannot purchase commercial, modular homes, log cabins, mixed-use or manufactured housing properties.
✧ The property must be on two (2) acres or less. Please be aware that maintenance of all landscaping is a resident responsibility.

Condition:
✧ Homes must be in good cosmetic and structural condition including any outbuildings
✧ Homes not to exceed the age of 100 years
✧ Homes that are over 30 years old that are in original condition or with obsolete floorplans, electrical, or plumbing.
✧ They will not purchase incomplete new construction homes or unfinished rehab projects.
✧ Homes with a door on a raised level must have a balcony, deck, staircase or railing built on the exterior. (commonly seen in new construction where the builder has yet to or will not add a deck)
✧ Homes with liens, open permits or unpermitted rehab work will not be considered.
✧ Homes must have central air conditioning (exceptions may apply in CO, OR, and WA). All new construction homes must have central AC regardless of location.
✧ Homes must not have any environmental hazards (e.g. mold, lead paint, vermiculite insulation, asbestos, etc.).
✧ Homes with seepage or subject to flooding will not be considered.
✧ Homes with leased solar panels will not be considered (Sellers may pay off the lease and remove the solar panels prior to sale).
✧ They will not purchase homes that use propane tanks as the primary heating source.
✧ Homes with a history of sinkholes anywhere on or near the property will not be considered.
✧ They will not purchase houses that have sunrooms with glass ceilings.
✧ They will not purchase furnished homes or negotiate for personal property aside from standard appliances.

NOTE: Prior to closing, homes must be vacant and empty of all seller’s personal belongings.

Pools:
✧ They will not purchase homes with in-ground pools outside of Texas, Georgia, Florida, Southern California, and Arizona.
✧ They will not purchase homes with above ground pools unless the Seller agrees to remove the pool and re-sod any bare potions of the lawn prior to closing.
✧ They will not purchase homes with indoor pools or large exercise spas.

Homeowner Association (HOAs)
✧ Homes must be located in HOAs that allow leasing without requirements for background/credit checks or interviews.
✧ Age-restricted communities or in HOAs that require a social, tennis, golf or country club membership do not qualify
✧ Total annual HOA dues must not exceed 1% of list price. HOA transfer fees and capital contributions must be reasonable and are considered on a case-by-case basis.

There are a few other HOA conditions that will disqualify a property from Home Partners’ consideration. These include:
✧ Minimum period of owner occupancy
✧ Maximum rental period
✧ Board approval of the lease post-closing
✧ Board requirement to be a third party beneficiary of the lease documents or the right to evict the tenant
✧ Rental caps (exceptions are considered on a case-by-case basis)
✧ Our investment partner is able to provide HOAs with basic resident information, such as name, phone number, email, vehicle information and pet information.
✧ Documentation Requirements

When submitting an HOA property for acquisition consideration, the following HOA documents will be reviewed as part of the programs' due diligence:
✧ Budget
✧ Certificate of Insurance
✧ Covenants, Conditions, and Restrictions (CCRs)
✧ Bylaws
✧ Rules & Regulations (If applicable)