Rent to Own Homes in Fort Collins
Lease with a Right to Purchase in Fort Collins, Colorado
Find a Rent to Own Home in Fort Collins with a Kenna Real Estate Agent. Many factors go into the decision of whether to rent or buy a home. For example, the upfront costs of buying a Fort Collins home, including the down payment and closing costs (taxes and fees) can be quite high, so it usually makes more sense to rent in Fort Collins if you plan to remain in a home for less than five years. Other considerations include property insurance, maintenance and repairs. A homeowner is responsible for these costs while a renter typically does not make any of these payments directly. Nevertheless, the monthly cost of owning a home may be meaningfully lower than the monthly cost of renting.
How the Fort Collins Rent to Own Program works: 1- Prospective Household applies for approval. 2-Household finds a Home Partners qualified home. 3-Home Partners buys the qualified home, household leases from Home Partners. 4- Household has the right to purchase the home.
Rent to Own in Fort Collins Co
|All Listings||$200,000 - $300,000||$300,000 - $400,000|
|$400,000 - $500,000|
Rent to Own in Fort Collins Co
More Facts on Rent to Own Homes:
The Lease with a Right to Purchase program provides responsible households who cannot obtain a mortgage a clear and transparent path to home ownership. A qualified applicant will get approved; select a home for sale with an agent, Home Partners will buy the home in cash, lease it to the resident & provide a right to acquire it anytime during the lease period.
The resident's financial obligation is limited to 1 year of rent.
Approved Rent to Own residents can:
Elect to rent for up to 5 years
Move out after each one year lease term without penalty
Purchase the home ANYTIME during tenancy
Fort Collins Rent To Own Community List
Prospective residents will work with a REALTOR® to find a home in an approved community.
Home Partners of America uses consistent and objective investment criteria- including median home prices and high school rankings- to identify communities that have a high quality of life and long-term opportunities for residents. The following is a list of Home Partners of America and Kenna Real Estate's approved communities and high schools in Colorado: (Click here to Apply) RENT to Own Any Home you Want! Contact us Now 303-955-4220
Rent to Own Fort Collins Fast and Easy | *NEW to Laimer County and fort Collins Area Lease Option Program*
Here is a useful link to evaluate your options: http://portal.hud.gov/HudCalculators/
To see if a home not listed on the website is approved, please visit our address checker at: addresscheck.homepartners.com
Total Cost to Rent to Own in Fort Collins
Total Cost is the price Home Partners pays for the home, closing costs, make ready and repairs/maintenance costs. Total Cost is used to determine the resident's Right to Purchase prices.
A Rent to Own sample is highlighted below:
|Closing Costs *||$3,000|
|Make Ready and Repairs/Maintenance Costs||$7,000|
* Includes all costs such as transfer taxes, attorneys' fees, title insurance, other acquisition costs, etc.
The Monthly Rent Slightly Increases
Each year, a resident's Monthly Rent increases by no more than 3.75% over the previous year’s Monthly Rent.
For example, if the Monthly Rent for Year 1 is $1,400 per month, the increase for the next year is $50/month (i.e., $1,400 x 1.0375)*.
Example of Monthly Rent
Right to Purchase Price Increases
Each year, the Right to Purchase Price increases by 3.5%-5% (depending on the region).
In the example, if the Total Cost of the home is $210,000 and if the Right to Purchase increases by 5% (i.e., Prior Year Purchase Right Price x 1.05)* then the Purchase Right Price for Years 1-5 is as follows:
|Year 5||$268,000 )|
There are additional costs that the resident will incur if they exercise the Right to Purchase such as closing costs to purchase the home, including transfer taxes, attorneys' fees, title insurance, and the cost of a mortgage loan. As a result, actual total costs to exercise the Right to Purchase will vary.
* Rent will round to the nearest $10. Right to Purchase Price will round to the nearest $100.
Kenna Real Estate is in no way , Home Partners of America. Hyperion Homes, Home Partners of America act as your landlord if you proceed with the Lease with the right to Purchase Program, Kenna Real Estate is not a mortgage company, does not see your credit, have any imput, or can guarantee you will be approved by Hyperion Homes, Home Partners of America. Kenna Real Estate and irs Agents have no obligation to provide and does not provide financing and cannot guarantee or in any way assure that a resident will be able to obtain a mortgage if and when he/she wishes to exercise the Purchase Right.
Information source: Information and Real Estate Services, LLC. Provided for limited non-commercial use only under IRES Rules. © Copyright IRES.
Information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information deemed reliable but not guaranteed by the MLS.
Listing information last updated on August 24th, 2019 at 5:05pm MDT.