TENANT Q&A
We are committed to creating a great experience for you at HomeLovers, from your first visit to HomeLovers.com to many years living in one of our beautiful properties. You will find answers to our most common questions in this Q&A. When you are ready to talk to one of our Licensed Agents your next home is a phone call away.
Find it…
- What Arizona cities do you have rental homes in?
- Does it cost me any money to find a home to rent?
- What do your Agents do to help me find the best home for my situation?
- What's the best way to see the homes that are available at HomeLovers?
- Can you get me into properties you don’t manage?
- How can I preview the homes I like?
- What if I am not moving for awhile?
Lease it…
- When can I meet with an Agent?
- Are pets allowed in your Rental Homes?
- Can you work with bad credit?
- Do I have to have a minimum credit score?
- How do I qualify for your lease program?
- How fast will you approve my application?
- How soon can I move in?
- What does it cost to move into a rental home?
- How long does the Lease run?
- Can I make improvements to the home?
Buy it…
- How does a Purchase Option affect the Lease Agreement?
- What do I have to do to qualify for a Purchase Option?
- Is owner financing available?
- Can I use conventional or FHA financing?
- Does my monthly rent help me buy the home?
- Are there restrictions on the source of funds I use for my Option Payment?
- Is the purchase price locked when I sign the Purchase Option Addendum?
What Arizona cities do you have rental homes in?
We manage great rental homes throughout the Phoenix area and dozens of investors bring us fresh homes every month so check back often! Our rental homes are updated daily so if you don’t see the perfect home today, it could be there tomorrow. We cover cities like Ahwatukee, Anthem, Avondale, Buckeye, Cave Creek, Chandler, El Mirage, Fountain Hills, Gilbert, Glendale, Goodyear, Laveen, Litchfield Park, Maricopa, Mesa, Metro Phoenix, North Phoenix, North Scottsdale, Paradise Valley, Peoria, Queen Creek, Scottsdale, Sun City, Sun City West, Surprise, Tempe, Tolleson, Youngtown, and more. See our search map for all our vacant homes. Start searching and find your dream home today!
Does it cost me any money to find a home to rent?
Searching for a home is absolutely free, and you have access to any of our Leasing Agents at no charge. Once you find a home you love, there is a $35 application fee per adult.
What do your Agents do to help me find the best home for my situation?
First off, we care about your happiness in the home so we work hard to find the perfect home for you. Our Leasing Agents will walk you through the entire process to make sure we understand what you are looking for and get you into the best possible home.
What's the best way to see the homes that are available at HomeLovers?
It is easy to search for homes based on YOUR needs, including bedrooms/bathrooms, price range, location, etc. Each listing has pictures so you can see what the home looks like before deciding to go look in person. You can also see the property address, a detailed description, and financial information.
Can you get me into properties you don’t manage?
All our leasing experts are licensed Real Estate Agents and can assist you with any rental properties listed in the MLS in addition to the properties we personally manage. If a property isn’t in the MLS, the owner may not be willing to work with an agent and we would not be able to help you. Just give us a call if there is a specific property you have in mind and we will see what we can do for you.
How can I preview the homes I like?
You don’t have to talk to an Agent to get a look at the home and see if it might be something you are interested in! Every listing includes the street address so drive by and take a look! You will get a feel for the general neighborhood, where the schools are, and the overall location. You have to contact one of our Agents to get inside the home but we have made that process very easy as well.
What if I am not moving for awhile?
The Owner of the home has hired us to get it leased so the only way to take the home you like off the market is to complete the leasing application process and sign a lease. If you are moving in the next few weeks or month, we may be able to work with the owner, but if your move is more than a month away, you will probably be looking for a different home closer to your move date.
When can I meet with an Agent?
Our Agents are very dedicated and committed to getting you into the perfect HomeLovers home. Agents are available from 8:00 am to 7:00 pm, 7 days a week via phone. You may have to leave a message, but we will get back to you quickly. Holiday coverage isn’t always guaranteed so be patient if you don’t get an Agent to answer the phone at 8:00 am on a major holiday! Your messages WILL be answered quickly. Agents are also available in the office weekdays from 9:00 am to 5:00 pm.
Are pets allowed in your Rental Homes?
It really depends on the pet, and the home… Most owners allow pets, but some do not. No “dangerous breeds” are allowed in any homes, so just call for details on the specific home you want to Lease and tell us about your pet. We can let you know if there is a problem before you ever fill out an application.
Can you work with bad credit?
Most of our applicants have some dings on their credit so we have to look at your overall situation. When we process your application, we check your credit but we focus more on your income verification and rental history than a perfect credit score. Never assume your past will keep you out of a great home until you have talked about your situation with an Agent at HomeLovers. We have a home and a program for just about everybody.
Do I have to have a minimum credit score?
No. We are more interested in the things that created the score than the score itself. If you have a great rental history and solid income, we can work with almost anything else.
How do I qualify for your Lease Program?
We do a credit check, public record search, criminal background check, employment verification, and rental history. As long as the monthly rent on the home you want is no more than 1/3 of your total income, and you have no major offenses on your criminal report, we can likely work with you. Fair warning though, if you have a history of breaking leases, or have unpaid rental judgments, you will probably NOT be approved for a lease at HomeLovers.
How fast will you approve my application?
We have an online application process to keep things fast and simple. Once you locate the property you want, go to HomeLovers.com and complete the application. We are notified as soon as you finish the application and typically get you a decision within a couple of hours.
How soon can I move in?
As soon as you get the lease signed and make your initial payment, you are free to move into your new home. We can literally have you in your new home the day your application is approved.
What does it cost to move into a rental home?
The application fee is $35 per adult and a $200 admin fee is charged to set up the lease. You also have to pay pro-rated rent for the month you are moving in, and a security deposit (usually equal to one month’s rent). The initial funds must be in the form of a money order or cashier’s check. If you have pets there is a $150 fee for each.
How long does the lease run?
A regular Lease Agreement is typically for one year. When a Purchase Option Addendum is signed, we typically extend the Agreement to two-years.
Can I make improvements to the home?
We encourage you to do small improvements and take care of regular maintenance but major changes do require the owner’s permission.
How does a Purchase Option affect the Lease Agreement?
When you sign a regular Lease Agreement, you are simply paying the owner for the right to live in their property. A Purchase Option gives you many advantages: you usually have a longer term (with no rent increase); part of your rent applies to the purchase; you have more freedom to improve the home; and the major benefit… you have the right to buy the home you are living in. An Agent can walk you through all the benefits, and the Addendum itself spells out everything that is changed in the original Lease Agreement. The Purchase Option Addendum can also be signed later than the regular lease if the Owner is willing to do a Purchase Option.
What do I have to do to qualify for a Purchase Option?
There is no additional qualification required to enter into a Purchase Option. An Option Payment (typically $2,000 - $5,000) is necessary, but the security deposit (if any) applies toward this Option Payment.
Is owner financing available?
Yes. The terms of the Purchase Option spell out what you have to do to buy the home without having to get your own financing. This option is available on most of the homes we manage. Confirm with your Agent that the home you want is available with a Purchase Option.
Can I use Conventional or FHA financing?
Absolutely! In most cases the owner is offering to assist with financing to make it possible for you to purchase the home, but would prefer to have you get your own loan. If you can qualify for your own financing you may be able to get better rates and terms as well so we encourage you to shop for the very best financing you can get.
Does my monthly rent help me buy the home?
Every month you pay your rent on time you get a credit for a portion of the rent. You can earn up to 2% of the total purchase price through these credits!
Are there restrictions on the source of funds I use for my option payment?
Your option payment can come from any source… a family loan or gift, proceeds from the sale of an asset, a credit card or another loan.
Is the purchase price locked when I sign the Purchase Option Addendum?
Purchase Options can extend many years into the future so the owner typically won’t lock the purchase price. We normally identify a minimum purchase price on your Purchase Option Addendum. When you exercise your option to buy, we will get an appraisal and the purchase price will be the minimum price or the appraised value, whichever is greater.
