Are you new to Portland or a job and not ready to take on a long-term financial commitment? Maybe you’re building up your credit score and saving for a down payment and closing costs. Good news! You don’t have to wait for all the comforts of home – 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. They buy the home you choose and lease 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 will pay in each of the 5 years you choose to stay in the home.

To be eligible for the Program, you must have 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.

For more details, click here. Or contact me with questions.