DENVER -- Many people moving to Denver are facing a big problem when it comes to buying a house in our hot market.
High rents and student loan debts leave many without enough money for a down payment, but a program called Home Partners of America is working to change that.
“It allows first time homebuyers or people moving to the area the opportunity to rent a high-quality home with an option to purchase. It gives them stability. They can stay there up to five years and have the flexibility to purchase it,” said Laney Abrahamson, who is a realtor with Coldwell Banker and qualified agent with Home Partners.
If you make at least $50,000 a year and have a credit score of at least 550 you can qualify for the rent-to-own program.
Home partners of America will work with you to find a home, and they buy it.
Here's how that works: You sign a year lease and give a security deposit, and the option to keep renting or buy is up to you.
The rent and purchase price would be established when you sign the lease.
“If it doesn't work out, if the location doesn' work for them or it’s not a great commute then there’s no penalty. They leave at the end of their lease term and they get their refundable security lease deposit,” said Abrahamson.
For the next two years Home Partners is allowing renters to commit to a 24-month lease and keep the appreciation on the home to put toward a down payment.
In Denver, homes are appreciating at around 7 percent a year.
Home Partners has helped more than 20,000 people around the country afford a new home, and Abrahamson has worked with 13 families here in Colorado through the program.
“This has been excellent for them. I think they’re really appreciative of Home Partners and just the opportunity to be in a house they really like,” said Abrahamson.
An approved agent can steer you in the direction of qualified homes in qualified areas.
The qualified homes are in specific school districts all over the state and can’t be more than 100 years old.
To find an approved agent to see to what you qualify for visit the Home Partners website by clicking here .