Your Property Masters have an exclusive program that offers a Lease with the Option to Purchase Program, called Home Partners.
Home Partners is a program that allows you to rent a home with the ability to buy it when the time is right. Home Partners buys properties that are for sale on the market and rents them out to soon-to-be homeowners, at a predetermined price. This way, renters are getting access to not only rentals, but homes that were actually listed on the market. Home Partners then acts as the Property Management company for you, the renter, making sure everything runs smoothly.
How it Works
First, you will call us to get prequalified for your rental! We will ask you a few prequalification questions to make sure it's the right fit for you. These questions include:
- Does your household make a minimum gross income of $40,000 per year?
- Does any household member have an open or unsatisfied Chapter 7 bankruptcy?
- Has any household member that will contribute to monthly rent had an order of eviction granted against them within the last 5 years, or filed against them within the last 12 months?
- Does any household member that will contribute to monthly rent have an unsatisfied residential rental collection exceeding $250 that originated within the last 3 years?
- Are you, or any household member on any OFAC sanctions lists, including the Specially Designated Nationals and Blocked Persons list, or 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 within the last 6 years?
* Upon signing a lease agreement, you will need to provide a security deposit in an amount equal to 1 or 2 times the monthly rent.
* Home Partners allows all dog breeds, dependent on potential HOA rules. Maximum pet limit is 3 pets, cats or dogs, weighing less than 180 pounds in total combined weight.
After answering the questions, if your answers suffice, you will move on to choosing a property! You will be qualified for a certain amount of money depending on the income you prove. You will work with your agent to find a property that you love and shop for it as if you are a home buyer! If the property passes Home Partners' review, they will submit a competitive cash offer to the seller, and if approved, you sign a 1 year lease and the Right to Purchase Agreement.
You treat this as any average rental, and you can rent this property for up to 5 years before deciding whether or not you'd like to purchase it. This means, you have 5 years to fix your credit, or what ever the circumstance, in order to become a homeowner! Or, you can decide you don't want to purchase the property, and find another! The choice is 100% yours. You have the Right to Purchase, but there is absolutely no financial obligation to buy the home if you decide it's not for you.
You will originally be signing a 1-year lease commitment. Every year you will be given the choice to buy, or re-lease.
Qualification criteria and costs are explained upfront. Monthly rent and Right to Purchase prices are shown before signing the lease for added clarity. Our passion is helping people, families, and those not quite yet ready to buy, get into great homes, no unforeseen costs.
You might be a good fit if:
- You are looking to live in a single-family home in one of our approved communities. Perhaps you've just moved into the area, or you're looking for good schools and a good environment but you're not yet ready to purchase a home.
- Your annual household income is at least $40,000 and you have proof of income.
- You have a minimum of 45 days from date of application to move in.
If you are interested in our Rent with a Right to Purchase Program, fill out our contact form below and we will be in touch.
McBride Realty Group, LLC
Your Property Masters