- 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.
To start searching for homes that meet these criteria, click here. For more details about the program, watch the video below. Or contact me with questions.