Rent to Own Additional Information

  • ➡️➡️Pre-Application Checklist

    Application Requirements

    $90,000+ STRONG CANDIDATES

    No pending evictions, evictions filings, or apartment collections.

    Minimum TransUnion average credit score of 580+ or higher.

    Chapter 7 bankruptcies must be discharged before applying.  Will consider closed, adjusted, and discharged. Home Partners will consider a Chapter 13 bankruptcy if the applicant can supply a court approved payment plan and status is current.

    No felonies in last 6 years. (violent crimes, sexual offenses, or drug distribution)

    Everyone 18+ of age that lives/resides in home must be on application. (Even if income is not being considered for income verification.) Includes adult children and family members.

    Everyone must have a social security number or taxable ID.

    3 Pet limit restriction. no breed restrictions. $300/animal security deposit. $30/month pet fee/not per pet. 

    Income verification is required for all applicants being considered for rental amount.

    Income verification can be in forms of: last 2 most recent pay stubs, W2 form, copy of last years tax return, job offer letter, profit & loss statements if self employed.

    After submitting full application resident is provided a pre-determined maximum rent, which aligns with a 35 percent payment-to-income ratio and a 45 percent debt-to-income ratio.

     

    Auxiliary income include but not limited to:

    Child support, alimony, disability, social security, or retirement income.

    These can be verifiable by an award letter or court documents.

     

    Asset verification:

    Must be able to demonstrate having readily available funds at least 2 times of the rental approval that resident is seeking.

    Verification should be in form of checking/savings account statement no older than 30 days.

    Retirement and non liquid accounts will not be considered as apart of income verification.

     

    Communities No Longer Approved: Maple Grove, Minneapolis, South St. Paul, Farmington, Fridley, Anoka, Blaine, Coon Rapids, Bloomington, & Spring Lake Park.

     

    Income Verification Criteria

    Property Qualification Criteria

    Town Home Guidelines

    Pet/Air Filter/Utility Fee

    Right To Purchase FAQ

    Ineligible HOA's

    Typically takes on average 60-75 days to move into home selected once we go under contract.

     

    APPLY TODAY!!

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