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Home Partners of America Reviews – Legit or Scam?

Let's talk about Home Partners of America and if you should consider working with them.
Let’s talk about Home Partners of America and their Lease Purchase Program.

Today’s housing market is increasingly difficult to purchase a home for a reasonable price. High inflation and low housing inventory has translated to record high home prices that many Americans simply can’t afford.

That’s why Home Partners of America may be a good option. Their Lease Purchase Program allows potential buyers to select an eligible property and have Home Partners of America purchase the home for them to rent. The rent price is guaranteed for at least three years and renters have the option to purchase the home at any time.

This all sounds great, right? Well, there are some additional considerations to take into account before getting your homeownership journey started. This article will examine Home Partners of America reviews and break down the Lease Purchase Program so you can decide if it’s right for you.

What is Home Partners of America?

Residential street of Home Partners of America eligible homes.

Home Partners of America (HPA) was founded in 2012 and is currently based in Chicago, Illinois. They claim that their housing services are based on a foundation of choice and flexibility when it comes to choosing the right home, and they hope to make homeownership a reality for more Americans. 

As we mentioned, Home Partners of America is known for their Lease Purchase Program that gives potential homeowners the ability to rent a home of their choice with the option to buy the home after renting. The process is seamless, easy, and doesn’t include any hidden fees that competing companies try to hide.

The Lease Purchase Program supposedly makes homeownership more accessible, as homeowners who may not qualify for conventional mortgages can rent the property and purchase it from HPA when they’re ready.

Pros of Home Partners of America

What's in it for you when working with Home Partners of America?
What’s in it for you when working with Home Partners of America?

There’s a lot to love about Home Partners of America and their Lease Purchase Program. Here are the top benefits you’ll receive when using their service: 

  • Flexible Home Choices: Home Partners of America has a wide range of properties eligible for the Lease Purchase Program. Simply log onto their website to search for properties in your desired area included in the program. 
  • Guaranteed Monthly Rent: With Home Partners of America, your monthly rent is locked in and won’t change for as long as you decide to keep renting. Renters can renew their leases knowing that their rent won’t change in the future. 
  • Purchase the Home Anytime: Renters have the ability to purchase the home at any time during their lease term with Home Partners of America. Keep in mind that the Right to Purchase cost increases each year to the predetermined amount agreed upon before starting the rental term
  • No Hidden Fees: Home Partners of America reviews show happy customers continuously satisfied with no hidden fees, no unexpected rent increases, and no non-refundable deposits. Home Partners of America is known for their transparent pricing and outlining all fees involved in the Lease Purchase Program. 

Cons of Home Partners of America

Home Partners of America reviews show customers unhappy with property management and hidden fees.
Make sure you understand the drawbacks of Home Partners of America.

While Home Partners of America can be a great option for some renters and buyers in the United States, there are some important downsides to consider before signing up for their program. 

Application Fees

Home Partners is known for charging an application fee for prospective customers to potentially join the Lease Purchase Program. After accepting applications, customers must use the online service to find properties they’re interested in and make an offer. 

However, several reviews state that Home Partners of America continuously denies home offers from buyers. If they accept an offer, they may lowball it and make the deal not worth it for the buyer.

Property Management Complaints

Several Home Partners of America reviews show renters unhappy with the property management services provided by the company. In fact, one reviewer said “Home Partners does not want to fix electrical problems in their homes. I was told by Home Partners that this is the residents responsibility.” 

The same reviewer said he’s had lighting issues throughout the property and his work orders were denied when requesting to have them fixed. While not all Home Partners of America renters experienced this problem, it’s important to have a clear understanding of home maintenance responsibilities before working with the company. 

Credit Score Issues

As of their last website update, Home Partners of America accepts customers with a credit score of 550 and above. However, one reviewer said she had a 552 credit score but was denied by Home Partners of America and wasn’t able to participate in the Lease Purchase Program.

Home Partners of America Reviews

Home Partners of America has mixed reviews across the board from both current and previous customers. Let’s take a look at Home Partners of America reviews from the most popular online review sites:

  • Better Business Bureau: 2.5/5 based on 155 reviews
  • Birdeye: 4.8/5 based on 1,299 reviews
  • Revdex: 3/5 based on 461 reviews
  • Yelp: 1.5/5 based on 31 reviews

How It Works

Compare the Lease Purchase Program to a traditional rental home.
Compare the Lease Purchase Program to a traditional rental home.

Home Partners of America and their Lease Purchase Program can be a valuable tool for potential homeowners who may not be ready to buy. Plenty of satisfied customers claim that Home Partners of America has helped them achieve their goals of homeownership. 

Let’s take a look at the Lease Purchase Program and how it works:

Step 1 – Apply for Approval

The first step in the Lease Purchase Program with Home Partners of America is to apply for approval. The six question pre-qualification questionnaire shows potential customers whether or not they meet the basic eligibility criteria before completing the formal application.

Once you’ve determined you meet the basic criteria for acceptance, it’s time to fill out the paid application. You’ll need to prove your identity, income sources, consent to a soft credit pull, and undergo a background check. Applicants should receive a notification within 1 to 3 days on a decision. 

Step 2 – Find an Eligible Home

Once you’re approved into the Lease Purchase Program, Home Partners of America determines a maximum monthly rent amount for you to use as a reference during your home search. They’ll also pair you up with a real estate agent to browse eligible homes listed for sale in your area. 

After you find a suitable home, complete the request form and have your agent submit it to Home Partners of America for a comprehensive review. 

Step 3 – Buying and Leasing

If the home meets the purchase criteria and Home Partners of America approves it, you’ll receive a document outlining the anticipated terms of your future living expenses. They break down your monthly rental amount, right to purchase price, and estimated repair costs. 

With the buyer’s approval, Home Partners of America submits a cash offer to purchase the home from the seller. Once accepted, you’ll move into the property within two weeks of closing to accommodate needed repairs uncovered during the home inspection. 

Step 4 – Right to Purchase

Keep in mind that renters have the ability to purchase the home from Home Partners of America at any time during their lease. Each lease term starts at one year and, at the end of each term, renters can walk away without incurring any extra fees or penalties. 

» MORE: How the Lease Purchase Program Works

Is Home Partners of America Legit?

Home Partners of America is not a scam, as their reviews show.

Home Partners of America is a legit company with a clever business model that allows them to purchase homes with cash offers and rent the properties to their customers. 

While several Home Partners of America reviews show negative comments about property management and extra fees, the company is reputable and continues to receive positive testimonials from current and previous customers. 

Home Partners of America FAQs

Frequently asked questions for Home Partners of America reviews online.
Still have questions?

Here’s some of the most common frequently asked questions (FAQs) for potential Home Partners of America customers:

How do you qualify for the Lease Purchase Program with Home Partners of America?

To fulfill the requirements for applicants, you’ll need an annual income of at least $40,000 with verifiable documentation. Additionally, you must not have an ongoing chapter 7 bankruptcy, criminal record, and must have a minimum of 45 days between the application approval and your intended move-in date. 

After submitting your application, Home Partners of America will also assess your rent-to-income and debt-to-income ratios, as well as review your credit history, housing history, employment status, and criminal background.

What’s the criteria for properties for the Lease Purchase Program?

A qualified property must be either a single-family home or a fee-simple townhome within Home Partners of America’s approved communities. 

The listing price should not exceed the maximum purchase price set by Home Partners metro, and the property must feature two or more bedrooms located above ground on a lot of two acres or less.

Do I have to work with a real estate agent?

Yes. You have the freedom to collaborate with a licensed real estate agent of your choice. If you haven’t selected an agent, simply enroll in the Program and Home Partners of America connects you with a knowledgeable agent in your locality.

Final Thoughts

Home Partners of America has made a name for themselves since they started their company in 2012. Their innovative approach to a lease-to-buy model has shown to be extremely effective in making homeownership possible for many Americans.

However, Home Partners of America and their Lease Purchase Program isn’t right for everyone. Many potential homeowners priced out of the market should consider renting traditionally to save on hidden fees and potential issues with property management. 

Related: Propwire Review – Pros and Cons

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