Is Rent to Own Right For You?
Not quite ready to buy....maybe Rent-To-Own is right for you and your family. Here's how the program works:
The program allows you to find a home that you initially want to rent from them, but you may also like to buy at any time within the next three to five years. You can lease the home for up to five years, and you may purchase the home at any time at a predetermined price in accordance with your Rent to Own agreement.
There are minimum criteria for the program like your household must have an annual income of $50,000 and you must have stable employment.
Generally the down payment for your new Rent-to-Own home is two months of rent and it takes 4 to 6 weeks to get you from contract acceptance to moved in.
Here's some FAQ's:
1. Who needs to be on the application?
All individuals who will be living in the home (including minors and those without income) must be o on the application.
2. Is every home on the website approved?
No. Homes that appear on our website have met only our minimum criteria for MLS-listed information.
Home Partners does not prequalify every property and can decline any property at their own discretion.
3. How does the website calculate the rent and will the rent decrease if Home Partners purchases the home for less than list price?
The rent shown on the website is based off the list price, location, age, HOA fees, taxes, and home characteristics (e.g. pools and basements).
The rent amount will not fluctuate with the purchase price of the home.
4. What is the required deposit?
The prospective resident is required to provide a deposit to demonstrate their commitment to the property they have selected.
The deposit does not go toward any portion of their rent. It will become the resident’s Security Deposit upon Home Partners’ closing of the home.
The amount of the deposit is based on the rent amount of the property. Multiply the rent amount of the property by two to arrive at the deposit amount. (Kansas requires a deposit equal to one months’ rent).
5. When is the required deposit due?
he deposit is due within 2 business days of Home Partners going under contract with the seller.
If Home Partners does not receive the deposit by the deadline, Home Partners will terminate the transaction and disqualify the resident from further participation in the Home Partners program.