What does the Lease Purchase process look like from start to finish?
On average, it takes 45-60 days from application to move-in. For a detailed overview, click here to read our Prospect Guide.
- Households may register on our website and complete the free Pre-Qualification form.
- If approved, must sign up for credit program. Households may work with a real estate agent of their choice and may begin searching for a home for sale that meets our property criteria.
- Once households find a home they love, their agent submits it to our team for review. If the home passes our review, we will submit a competitive cash offer to the seller. If the seller accepts, the households will sign a 1-year lease and a Right to Purchase Agreement. All rent amounts and Right to Purchase prices are predetermined for up to 2 years. If the seller rejects our offer, the household and agent will continue their home search.
- After closing on the home, our exclusive property management company, prepares it for move-in and provides support to residents throughout their lease. Residents have the option to purchase the home from us anytime during their lease. If they do not renew the lease and do not elect to purchase the home, they may move-out with no financial penalty.
Who is eligible to apply for the Program?
We evaluate rent-to-income and debt-to-income ratios, FICO® scores, housing, employment, and criminal history, and other considerations:
- Annual household income of at least $30,000
- Proof of income
- No open chapter 7 bankruptcy
- No disqualifying criminal history
- Minimum of 45 days from date of application to move-in
How much does it cost to apply for the Program?
The application fee is free. During approval you will need to sign up for our credit program.
Where is the Lease Purchase Program available?
Home Partners is available in dozens of markets across the country. To browse our approved communities, click here.
What costs will applicants pay if they choose to enter the Program?
We have a one-time nonrefundable application fee that varies by state. After a seller accepts our cash offer, the household will pay a (Non Refundable) Deposit. During the lease term, residents can expect to pay the following conveniently online: rent, utilities, a monthly air filter replacement fee, and if applicable, a one-time pet fee and monthly pet rent, and pool maintenance.
Do you allow pets? And if so, how many?
We allow up to 3 pets (cats or dogs) weighing less than 180 pounds in total combined weight. We allow all dog breeds, however, certain dog breeds may be restricted by local regulations and Homeowner’s Association rules. Further, livestock/farm animal pets such as pigs, horses, chickens, and goats, aquariums over 20 gallons, and exotic, venomous, and verminous pets, are not allowed.
Please note that although service and assistance animals are excluded from our pet policy requirements, supporting documentation is required to qualify as such.
Once a household moves in, who owns the home?
We own the home until the household exercises their Right to Purchase. Our exclusive property management company, Poppa Homes OwnerShip Program, supports residents throughout their lease. They handle rent and utility payments, maintenance, and everything in between.
For more information, click here.
Are applicants required to work with a real estate agent to find a home for Lease Purchase?
One of the benefits of our Program is that applicants must work with a licensed real estate agent to find a home. This way, applicants have the expertise and advice of a professional.
For more information on how to work with a real estate agent, click here.
How can real estate agents become involved with the Program?
Licensed real estate agents can signup here.