Your Questions Answered
How Do I Start My Journey With HomePath Partners?
To get started, just complete our quick online application. If you're pre-qualified, we'll ask you to send in a few documents like your photo ID, proof of income, proof of funds for your option payment, and a background check. Once we receive everything, we’ll review it together and let you know within 48 hours if you're approved to begin shopping for a home.
How Do I Find a Home Once I’m Approved?
After you're approved, we’ll give you a budget that fits your financial profile. You can work with a real estate agent to find a home you love. When you’re ready, your agent will submit the home to us for review. We’ll walk you through all the numbers and, once you give the green light, we’ll make a competitive offer on your behalf.
Who Owns the Home While I’m Leasing?
HomePath Partners owns the home during the lease period. You live in it and treat it like your own, and once you're approved for a traditional mortgage, you can buy the home and become the official owner.
How Long Does It Take Before I Can Buy My Home?
You can purchase the home as soon as you qualify for a traditional mortgage. Most of our clients are ready to buy within 12 to 36 months, depending on their personal situation.
Is This a Loan or a Mortgage?
No, we don’t offer loans or mortgages. HomePath Partners purchases the home for you, and you lease it while you work on qualifying for a mortgage. We even report your on-time rent payments to the major credit bureaus to help improve your credit along the way.
What Am I Agreeing to When I Join the Program?
When you move forward with us, you’ll sign a lease agreement and an option agreement. The lease agreement works just like a typical rental agreement, and the option agreement outlines the purchase price and terms for you to buy the home in the future.
What’s Included in My Monthly Payment?
Your monthly payment includes everything you need to live in the home—principal, interest, property taxes, and insurance. If the home is part of a homeowners' association, any HOA fees will also be added to your monthly payment.
Who is Responsible for Maintenance?
You are. You will be responsible for the day-to-day upkeep and maintenance of the home as the future homeowner.
Are There Any Upfront Fees I Should Expect?
There are no upfront fees or surprise charges. The only costs you'll need to plan for are your option-to-purchase consideration and your monthly rent. If applicable, HOA fees and closing costs may also apply, but only if you choose to pay those yourself.
Do I Have to Pay Closing Costs When I Buy the Home?
Typically, we request the seller to cover your closing costs. If you decide to take care of them yourself, you’ll need to provide both the option consideration and the closing costs within three days of the contract being accepted.
Do I Get Credit for the Option Consideration I Pay?
Yes, you do. Your option consideration is fully credited back to you when you purchase the home. It’s your way of locking in your path to ownership from the start.
Who is a Good Fit for HomePathPartners?
Our program is perfect for people who are close to being mortgage-ready, but aren’t quite there yet. Whether you’ve just started a new job, are self-employed, have commission-based income, need to build your credit, or are working on saving for a down payment, HomePath gives you time to strengthen your finances while living in the home you want to buy.
Why Should I Choose HomePath Partners Instead of Just Renting?
Renting through HomePath means you’re not just paying to live somewhere temporarily. You’re living in the home you plan to own. Instead of waiting years to get into your dream home, you get in now—and work toward owning it while you live there.
What Happens if the Home’s Value Goes Up Before I Buy It?
If the value of the home increases during your lease, that’s great news for you. Your purchase price is locked in from the start, so any increase in market value is equity you get to keep when you buy.