Your Minneapolis Rental Home Headquarters
How It Works
How Does The Home Rental Process Work?
The process really starts with a simple phone call. You’ll appreciate Chrissy’s enthusiasm, honesty, and experience when it comes to helping people with the home lease/rental process. At a high level this is how our program works for renting or leasing homes in the Twin Cities of Minnesota…
Step one is our streamlined application & approval process.
It's time to start shopping! Approval ETA? 48 hours!
Once you've found your home, we'll arrange the purchase.
Almost there! Next we finalize the lease, and deposit is paid.
Get your boxes ready! It's time to move into your new home!
After 12 months, you get to decide whether to extend, buy, or end your lease.
Minneapolis Home Rental Program Details
A few questions that come up often include:
The Application Process
Everyone above the age of 18 who will reside in the home fills out an application. Great news, is there is juse one fee for the household, which is currently $99.
In terms of criteria, applicants must have a minimum of $45k in annual household income. Bankruptcies that have been discharged are ok.
There is an application fee of $99 per household (not individual) in Minnesota.
What Homes Qualify For Renting?
To ensure a sound investment, and quality home for you to live in there are certain requirements that must be met. The good news is that we will guide you through the process and help to identify homes that are a perfect fit for your needs.
You won’t need to know the list of requirements (that’s our job!), but here are a few high-level considerations:
Have Furry Friends?
What About Pets?
If you’re wondering if pets are allowed with our Minneapolis rent-to-own home program, the answer is yes! Let’s talk about your pets, and we’ll let you know how it works.
How Much Are your services?
You don’t pay us anything! We’ll work hard for you regardless of the outcome.
Our Commitment To You?
We'll work tirelessly to guide you to a fantastic home for you! Our clients appreciate our high degree of professionalism and our no pressure approach.
Chrissy Fallon, Realtor
Have More Questions?
Additional Frequently Asked Questions
Our Lease with a Right to Purchase Program (the “RTP Program”) allows you to find a home that you want to rent from us initially, but who may also like to buy.
We believe that there are many households who may be thinking about buying a home but for whatever reason would like to rent at the current time.
You can lease the home in Minnesota for up to five years, with an option to renew the lease every 12 months. You may purchase the home from us at any time at a predetermined price in accordance with the Right to Purchase agreement (60 day notice required).
Tenants are required to pay for all utilities including lawn care and snow removal.
We have certain minimum criteria for our program. Your household must have an annual income of $45,000. Contact us for the most current program details.
Every member of your household who is 18 years of age or older must complete the Pre-Qualification Application and the Full Application. The Full Application requires certain information, including residence and employment history, for each member of the household. You also must provide income verification for each member of the household whose income is to be considered in determining the rent approval amount in order for your application to be considered complete.If you are moving from a different state or starting a new job, we will need confirmation of your new job and income.
We take several factors into consideration when reviewing an application, which include household income, rent-to-income and debt-to-income ratios, rental and housing history, employment history, criminal history, and FICO® scores.
We will usually make a decision on your application within 1 to 3 business days of receiving all required information.
We have a one-time Application Fee between $99 per household that must be paid online as part of the application process. This Application Fee covers all applicants in the household and is nonrefundable.
We take several factors into consideration when reviewing an application, which include household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and FICO® score. We consider the average FICO® score of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.
We will work for you to search for homes that meet our purchasing criteria. Generally, this means that the home should be:
1. Located in an approved community (home is displayed on www.homepartners.com and is not adjacent to features that may negatively impair value);
2. Listed for between $100,000 and $450,000 in most states, though exceptions apply;
3. Located on a lot no more than two acres with a minimum of two bedrooms;
4. A single family home or fee-simple townhome would quality for rent;
5. A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program;
6. Free from material deficiencies;
7. No guest houses / in-law suites with separate entrances;
Yes. Generally, we require a deposit equal to two months’ rent. This deposit is not applied towards your rent. If you decide to leave the home at the end of any one-year lease term and you have been in compliance with the terms of the lease and return the home in the same condition it was in when you moved in (normal wear and tear excepted), the full deposit will be returned to you or credited to the purchase price if you buy the home.
The full deposit (less any outstanding charges owed to Home Partners) is also returned to you if you exercise your Right to Purchase the home.
On average, it takes approximately five to six weeks from the time we enter into a purchase agreement for a home until the day you are able to move in. There are a number of variables that may affect the move-in timeframe, including the length of negotiation with the seller leading up to when we enter into a purchase agreement, what the home inspection reveals with respect to required repairs, and the renovations you request. We will keep you informed throughout the entire purchase and renovation process so that you are aware of this timing.
As with a standard rental or lease agreement, you are then our tenant, and we are your landlord. You have entered into a lease with us for one year and are bound to the terms of that agreement. We will collect your monthly rent and perform any necessary repairs that are our responsibility after you move in.
No. Monthly rent payments are not applied to the purchase price of the home. If you decide to exercise your Right to Purchase, you must pay the full predetermined price as set forth in the Right to Purchase Agreement.
You may notify us at any time that the Lease is in effect that you would like to exercise your Right to Purchase. However, you must provide us with that notice in writing at least 60 days before you want to complete the purchase. Once you notify us that you want to exercise your Right to Purchase, we will contact you to get the process started.
You can exercise your Right to Purchase at any time during your Lease. However, you must provide us with written notice of your intent to exercise at least 60 days before you want the sale to close. In addition, the closing date must occur before the end of the applicable Lease term.
We are not a mortgage company and we will not be able to provide or arrange a mortgage loan for you. We do have close ties with several fantastic home lenders in Minneapolis and will work with/for you to assist with the process. However, we cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Right to Purchase.
Home Partners’ residents are allowed a maximum number of three (3) pets (cats or dogs) weighing less than 180 pounds in total combined weight. Home Partners expressly prohibits the following dog breeds (including partial mixes of same): Doberman, Pitbull, Rottweiler or Mastiff. Further, livestock/farm animal pets such as pigs, horses, chickens and goats, aquariums over 20 gallons, and exotic, venomous and verminous pets, are not allowed.
In most states, there is a $300 nonrefundable per pet fee, refundable upon purchase of the home. Please note that although assistance animals are excluded from Home Partners’ pet policy requirements, supporting documentation is required to qualify as such.