You will need funds to pay the Right to Purchase price if you exercise the Right to Purchase. Typically, you will need the amount of the down payment and you will need to obtain a mortgage loan from a third party. Among the key considerations that a prospective resident should consider include:
- The value of the home may not increase above the price at which the resident has the Right to Purchase (i.e. the Right to Purchase Price may be higher than the value of the home).
- The resident may not be able to exercise the Right to Purchase because he or she may not have the down payment or qualify for a mortgage loan from a third party.
Home Partners is not a mortgage company, does not have any obligation to provide or arrange a mortgage loan, and cannot guarantee that a resident will be able to obtain a mortgage loan.
If necessary and desired by a resident, Home Partners will assist the resident in entering a credit repair program to increase the likelihood of qualifying for a mortgage loan in the future. Home Partners cannot guarantee or in any way assure that such program will increase the likelihood that a resident will qualify for a mortgage loan or will obtain a mortgage loan in the future.