- New to Portland and not sure how long you’ll stay or where you’d like to live?
- Just starting a job or career and leery of taking on a big, long-term financial commitment?
- Tired of renting but still building your credit or saving for a down payment?
Good news! You don’t have to wait for all the comforts of home – such as more space and privacy, a garden, or a cozy neighborhood. Home Partners of America offers a path to home ownership with its Lease with a Right to Purchase Program.
Home Partners buys the detached house or townhouse you choose and leases it back to you a year at a time for up to 5 years. You can exit your current one-year lease any time to buy the property with 60 days’ notice. You know at the outset what rent and purchase price you’ll pay in each of the 5 years you choose to stay in the home.
To be eligible for the Program, you need an annual household income of at least $50,000, stable employment and no history of eviction or bankruptcy. Household members age 18 and above complete an online application and submit a one-time fee of $75 per household. Applications are usually processed in 1-3 days.
Once approved, you work with a realtor to find a home that meets basic criteria set by Home Partners. For example –
- You can choose a detached house or a townhouse, but not a condo.
- The property must be served by a public high school with standardized test scores in the top 50%.
- The sale price can range from $100,000 to $625,000.
- Short sales, auctions and bank-owned properties are not eligible.