HPA HOA guidelines
Homeowners Association Guidelines
For homes that are part of a Homeowners’ Association (HOA), it is important to ensure that Home Partners is properly able to rent homes to our residents to fulfill the program’s goals. For example, Home Partners cannot purchase homes in HOAs that prohibit rentals outright, or requires an owner to wait for a period of time prior to leasing the home. Home Partners also needs to take precautions that any restrictions on leasing do not negatively impact the flexibility that Home Partners or the residents require to have quiet enjoyment of the premises. Home Partners needs to avoid any HOA that requires applicants to complete a credit check, in-person interview, background check, provide personal or character references, or provide bank information. Home Partners will allow HOAs that only require basic information such as name, phone number, email, vehicle information and pet information. The reason for this is that Home Partners wants to have the flexibility to rent to any resident that qualifies for our program regardless of HOA requirements. HOA APPLICATIONS CANNOT INCLUDE:
HOA APPLICATIONS CAN INCLUDE:
- Credit Check - In-Person Interview
- Basic Information – name, phone number, email, vehicle, and pet information
- Background Check
DOCUMENTATION REQUIREMENTS:
- Bank Information
- When submitting a property for acquisition consideration by Home Partners, the following HOA documents will be required:
- Social Security Numbers of residents - Personal or Character References SUMMARY OF HOA DISQUALIFIERS: - Outright prohibition on leasing - Minimum ownership prior to being permitted to lease the home - Requirement for the landlord to apply for permission to lease the home - Maximum rental period - Board approval of lease post-closing - Board requirement to be a 3rd-party beneficiary of the lease documents or the right to evict the tenant on our behalf. - Rental caps (exceptions are given on a case-by-case basis)
• Budget • Certificate of Insurance • Covenants, Conditions, and Restrictions (CCRs) • Bylaws • Rules & Regulations (If applicable) • Home Partners’ HOA Questionnaire Regardless of which state the property is located, Home Partners’ HOA Questionnaire is due by the end of the due diligence period. The due date of the other documents depends on the contract for each state. However, the earlier we get these documents, the better. It allows Home Partners to be aware of any potential issues that may prohibit Home Partners from leasing the property.
We need ALL of these documents to move forward on the home, even the Certificate of Insurance or Budget. If an HOA does not have these documents, there is a very high chance of Home Partners terminating. Therefore, it is important that Home Partners either: 1) receive the documents, or 2) find out the HOA does not have these documents early in the process, as it may result in termination of the property.
Learn more, visit HomePartners.com or call 877.234.5155 The Lease with Right to Purchase Program (“Program”) is offered and administered by Home Partners. Resident and property must meet eligibility requirements, which are subject to change. Resident must qualify for a mortgage from a third party lender to exercise the right to purchase a home. Home Partners does not provide financing for resident to purchase a home. Home Partner’s approval for resident to lease home does not mean that resident will later qualify for a mortgage. ©2014 Home Partners of America, Inc. All rights reserved. H ome Partners, the Home Partners of America, Inc. logo and “A New Path to Homeownership” are pending or registered trademarks and service marks of Home Partners of America, Inc. or its affiliates.
For homes that are part of a Homeowners’ Association (HOA), it is important to ensure that Home Partners is properly able to rent homes to our residents to fulfill the program’s goals. For example, Home Partners cannot purchase homes in HOAs that prohibit rentals outright, or requires an owner to wait for a period of time prior to leasing the home. Home Partners also needs to take precautions that any restrictions on leasing do not negatively impact the flexibility that Home Partners or the residents require to have quiet enjoyment of the premises. Home Partners needs to avoid any HOA that requires applicants to complete a credit check, in-person interview, background check, provide personal or character references, or provide bank information. Home Partners will allow HOAs that only require basic information such as name, phone number, email, vehicle information and pet information. The reason for this is that Home Partners wants to have the flexibility to rent to any resident that qualifies for our program regardless of HOA requirements. HOA APPLICATIONS CANNOT INCLUDE:
HOA APPLICATIONS CAN INCLUDE:
- Credit Check - In-Person Interview
- Basic Information – name, phone number, email, vehicle, and pet information
- Background Check
DOCUMENTATION REQUIREMENTS:
- Bank Information
- When submitting a property for acquisition consideration by Home Partners, the following HOA documents will be required:
- Social Security Numbers of residents - Personal or Character References SUMMARY OF HOA DISQUALIFIERS: - Outright prohibition on leasing - Minimum ownership prior to being permitted to lease the home - Requirement for the landlord to apply for permission to lease the home - Maximum rental period - Board approval of lease post-closing - Board requirement to be a 3rd-party beneficiary of the lease documents or the right to evict the tenant on our behalf. - Rental caps (exceptions are given on a case-by-case basis)
• Budget • Certificate of Insurance • Covenants, Conditions, and Restrictions (CCRs) • Bylaws • Rules & Regulations (If applicable) • Home Partners’ HOA Questionnaire Regardless of which state the property is located, Home Partners’ HOA Questionnaire is due by the end of the due diligence period. The due date of the other documents depends on the contract for each state. However, the earlier we get these documents, the better. It allows Home Partners to be aware of any potential issues that may prohibit Home Partners from leasing the property.
We need ALL of these documents to move forward on the home, even the Certificate of Insurance or Budget. If an HOA does not have these documents, there is a very high chance of Home Partners terminating. Therefore, it is important that Home Partners either: 1) receive the documents, or 2) find out the HOA does not have these documents early in the process, as it may result in termination of the property.
Learn more, visit HomePartners.com or call 877.234.5155 The Lease with Right to Purchase Program (“Program”) is offered and administered by Home Partners. Resident and property must meet eligibility requirements, which are subject to change. Resident must qualify for a mortgage from a third party lender to exercise the right to purchase a home. Home Partners does not provide financing for resident to purchase a home. Home Partner’s approval for resident to lease home does not mean that resident will later qualify for a mortgage. ©2014 Home Partners of America, Inc. All rights reserved. H ome Partners, the Home Partners of America, Inc. logo and “A New Path to Homeownership” are pending or registered trademarks and service marks of Home Partners of America, Inc. or its affiliates.
