couple holding a box and smiling while moving into their hpa choice lease home

An evolution of the Lease Purchase Program, Choice Lease^® decreases monthly rent while also lowering Right to Purchase prices–the perfect solution for moderate-to-low-income families.

Click here for a step-by-step on how the Lease Purchase Program works.

Why Was Home Partners Created?

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“Home Partners was created to help families get in a great home, in a good community,” explained co-founder Bill Young. The Lease Purchase Program gives residents the power to build the future they want.

For nearly a decade, Home Partners has helped individuals and families who would otherwise be locked out of traditional single-family housing access high-quality homes in thriving communities through its Lease Purchase Program.

Through the Lease Purchase Program, Home Partners provides the opportunity for families to get into a home they love with pre-determined rents, and the right to buy the home at any point.

Click here to see the stories of current Home Partners residents across the country.

How Does the Lease Purchase Program Work?

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Prospective residents work with a real estate agent of their choice to find an eligible home listed for sale in one of our approved communities. By unlocking access to a wide variety of homes on the market, approved applicants have the power to find a home that meets their needs.

After the prospect has found their dream home, their agent will submit it to Home Partners for review. If accepted, Home Partners will make a competitive cash offer to buy the home. Cash offers are an excellent way to win listings and stand out in a tight market.

If the seller accepts, residents sign a one-year lease and pay the required security deposit. Before signing, residents see five years (three years in Texas) of rent and Right to Purchase prices. These amounts are locked-in from the start so there are no unexpected price increases.

After move-in, residents can buy the home at a pre-determined price any time. At the end of their lease term, residents can renew their lease or walk away with no penalties or hidden fees.

The pre-determined purchase prices offer value and stability amid an environment of rapidly increasing home prices. Home Partners is proud to provide residents with the transparency, flexibility, and choice to achieve homeownership.

For an in-depth overview of how the Lease Purchase Program works, click here.

So, What is Choice Lease?

moderate to low income neighborhood of homes

Home Partners new program, Choice Lease, provides qualifying families with income below 80% of the area median income the same flexibility and benefits as HPA’s core Lease Purchase Program. This Program is similar to Lease Purchase with one key difference: Choice Lease residents unlock reduced below-market rent amounts and purchase prices.

After approval, Choice Lease offers households the opportunity to choose an eligible home listed for sale that’s right for them. After move-in, residents have the flexibility to live in the home for up to five years (three in Texas) with no non-refundable deposits and no unexpected rent increases.

Residents can buy the home at the pre-determined price anytime during their lease. Just like the core Lease Purchase Program, Choice Lease offers free financial counseling sessions to help residents plan their financial future.

Choice Lease rental rates can save customers up to 10% on rental market rates. Anytime during their lease, Choice Lease residents can buy the home from Home Partners at a price expected to be below-market value.

According to the Case-Schiller Index, home price appreciation from November 2020 to November 2021 was 18.3%. Choice Lease annual purchase option price increases are capped at 3.5%, significantly lower than market home price appreciation.

Who May Benefit from Choice Lease?

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We believe that Lease Purchase and Choice Lease will provide households access to communities with more school choices and stable housing costs. Home Partners’ programs provide a clear path to a quality single-family home for many Americans.

Unfortunately, homeownership is still beyond the grasp of many families. Some may struggle to save enough for a down payment, while others need to increase their credit score, reduce their debt, or have sufficient employment history to qualify for a mortgage loan.

According to the Urban Institute, rising home prices and a tight housing supply have made it challenging for homebuyers looking for an FHA or VA loan to compete for listings.

Increasing access to homeownership for more Americans is going to require involvement from industry leaders and innovative programs like Choice Lease to bring about meaningful solutions. Home Partners is committed to expanding its support for all Americans.

Why Should You Explore Home Partners Today?

woman on computer looking up choice lease

As a recipient of the prestigious Ivory Prize, an annual award recognizing ambitious, feasible, and scalable solutions to housing affordability, Home Partners provides affordable housing options in 80 metropolitan areas across the United States.

Choice Lease has been available in four markets on a pilot basis since 2019 and is now available to qualifying consumers in 17 markets.

If you are struggling to purchase a home or want to explore ways to secure your financial future, research Home Partners to see if it is right for you. While the idea of owning a home may seem far away, it’s a lot closer than you think.

Click here to learn more about Home Partners of America and its Choice Lease program.

Think Home Partners may be right for you? Click here to make a FREE Applicant Portal to apply!

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