We constantly receive various questions about Minnesota rent to own programs that we have so we decided to put it all in one place to help serve our clients better! If you have any additional questions, simply Contact Us and one of our Minnesota rent to own specialist will get in touch with you!
Q: What is the Lease with a Right to Purchase?
A: Lease w/ Option to Purchase program (aka rent to own) will enable you to rent a home in MN now and give you the option to purchase the home at any time in the next 3-5 years. There are many reasons why households opt to rent a home for awhile first, whether it’s to try on a city, neighborhood or home itself. By choosing to rent to own in Minnesota, you can lease the property for up to 5 years and purchase at any time at a predetermined purchase price, as long as you are within bounds of the Right to Purchase Agreement. The best thing is – it is only an option, not an obligation!
Q: Will you provide financing for the home?
A: No. Most of the Minnesota rent to own companies, as well as Home Partners of America, are not mortgage companies and will not arrange or provide mortgage services.
Q: How do I start the process?
A: To begin your application, simply go to APPLY
Q: What are the minimum requirements?
We ask our clients to submit a prequalification application, and upon approval, a full application. Baseline minimum requirements include an annual household income of $50,000 and stable employment. Home Partners will not accept applicants with a history of eviction or pending bankruptcy. All members of a household will need to undergo a criminal background check as well. In the event that criminal charges are found, Home Partners will proceed on a case by case basis.
- Allow 45 days from the time that application is accepted for move in
- Annual household income of $50,000+
- Min Credit score 550+
- Deposit is 2 x monthly rent amount
- Stable employment
- No history of eviction or other landlord issues
- No pending bankruptcy
- No disqualifying criminal history
- Pets are allowed up to 80lb each, up to 3 pets total with a $300 per pet fee.
Q: How do I find my property?
A: A real estate agent, such as one of the rent to own experts at The Antonov Group, will help you find a home…
- Almost any home for sale in MN in approved community, which is in most of Twin Cities area and is not adjacent to features that may negatively impair value (gas stations, railroad tracks, etc).
- Listed for between $100,000-$450,000 and located on no more than 3 acres
- That is a single family home or fee-simple townhome with a minimum of 2 bedrooms
- For traditional sale. Short sales, auctions, REO’s (bank owned homes) are not eligible for the rent to own program
- Free from material deficiencies, a pool or certain water features
Once the home is selected, your agent Herman Antonov will submit your home choice to Home Partners and process it for offer submission.
Q: Are homes on your website owned by you?
A: No! We do not own the homes on our site. Our list of homes autofeeds from a listing service with regular updates. The Home Partners site lists homes on their website for informational purposes only, and cannot be guaranteed by HomePartners. Generally, 5-6 weeks is the average time period between submission of a purchase agreement and move-in day. There are variables that can lengthen or shorten the process such as negotiations, inspections, renovations, etc. Contact us for more information
Q: How much does the Minnesota Rent To Own program cost?
A: It is actually 100% FREE. No agent fees, no appraisal fees, no closing costs, etc. There only is a 1-time $75/household application fee, which is non-refundable. Once Home Partners has acquired the home of your choosing, you will pay a deposit equal to 2 months’ rent. Your monthly rent does not go towards the purchase price of the home. The purchase price of the home will increase 3-5% annually to match inflation or the market.
Q: Can I have pets in my rent to own home in Minnesota?
A: Yes. Home Partners allows up to 3 pets (cats or dogs) with a maximum combined weight limit of 180lbs. There is a short list of restricted dog breeds, and we do not allow other animals such as pigs, horses, chickens, goats, etc. There is a $300 per pet fee, that is refundable if you purchase your home, otherwise it is non-refundable.
Q: Is Contract for deed the same as rent to own?
A: No! Both are very different agreements. Typically, you would need to put 10-20% down on a contract for deed and it is an actual home sale/purchase transaction. Rent to own is a lease agreement. No actual sale happens. Meet with your agent Herman Antonov for a detailed discussion.