In previous posts, I've told you about a couple of programs that upgrade your loans to a cash offer, Ribbon and Homeward, but if you're not ready to buy yet, you can try before you buy.
A lot of us rent before we decide to purchase, but now you can actually rent with a purpose. There are many rent to own and/or lease purchase programs out there that will give you the option to rent the home from them and a portion of your rent is used to save up for your down payment to purchase the house from them.
The first lease purchase program I'm going to talk about in this post is Home Partners of America. Home Partners of America's mission is to make home ownership reality for more people. In order to make this happen, they give you the option to try before you buy.
Keep scrolling to see how it works.
Believe it or not, Home Partners of America doesn't make it super hard to get approved for them. All you need is a minimum FICO credit score of 580, make at least $5,000 minimum monthly income, with no open or pending bankruptcies or evictions and you're pretty much good to go.
How it works:
First, you have to get approved. Once you're approved, you'll know how much home you can shop for. You will have a maximum monthly "rent" amount in which a portion of the rent will go to the side to help you save up for your down payment to buy the house from Home Partners.
After you've been approved, you connect with your agent to start searching for your dream home. The home must be a Home Partners qualified home. You can check the Home Partners website directly or use their address checker tool to see if the home you're looking to buy is approved by them. Keep in mind, Home Partners doesn't purchase homes from Opendoor, Zillow and some Mark Spain homes. Mark Spain homes vary by the situation. The home can be listed by Mark Spain just not owned by him.
Once you find a qualified Home Partners home, they buy it and lease the home to you. After you're in the home, you have the right to buy it later. It's that simple.
Keep scrolling to see pics of the complete breakdown:
To get started on the lease purchase program with Home Partners of America, click here or schedule your buyer consultation with me today here.
As always... Happy House Hunting!!!
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