RENT TO OWN IN VIRGINIA

The Isaacs Team Districtre.com

The Home Partners of  America Rent to Own Plan

How the Home Partners of America Program Works

There are several easy steps to the HPA rent to own program:
  • Apply for approval: Prospective residents start the process by filling out a Pre-Qualification Application that checks key issues. Anyone 18 years or older and will reside in the home must complete both the Pre-Qualification and the Full Application. If the Pre-Qualification Application is approved, the applicant will be required to submit a Full Application for a full credit and background check. If a Full Application is approved, Home Partners will outline the maximum Monthly Rent of the home for which the prospective resident qualifies;
  • Find a qualifying home: Prospective residents will work with a Realtor® to find a home in an approved community.Once a home is identified and approved by HPA, Home Partners will attempt to purchase the home. The outcome of the purchase attempt will depend on certain conditions being met, such as agreeing on a purchase price with the seller, a satisfactory inspection, attorney review of the purchase contract, and other closing conditions being satisfied;
  • Home Partners buys the qualified home, household leases the home: Prospective residents will be required to sign a one year lease for the home as well as Right to Purchase Agreement;
  • Household has right to purchase the home: HPA buys the home. You lease it and have the right to buy it later if you want to according to the terms of the Agreement.

Video Explainer on the Home Partners of America Program

About Home Partners of America

Home Partners provides responsible households a transparent path to homeownership through its Lease with a Right to Purchase Program. The program provides three to five years* of rent certainty with an initial financial commitment of just one year. HPA does not serve Washington DC. They do serve Virginia and Maryland, which they term DC Metro and consider DC though they offer no listings in the District of Columbia.

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Realtors are not CPAs or attorneys and are not permitted to give accounting, investment, tax or legal advice. Refer to a CPA, investment professional or legal professional for all related matters. Any information provided on this site pertaining to such issues is not intended as tax or legal advice and is provided solely for the purpose of illustration. Resources cited are believed to be accurate but are not guaranteed and are subject to change without notice.
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