Nevada Rural Housing Authority, Home At Last Expands Access to Homeownership with New Lease-To-Own Program
Carson City, Nev. – Nevada Rural Housing Authority (NRHA) today announced a new partnership with Trio, an independent home financing company based in Bellevue, Washington, to expand access to affordable financing for qualified Nevada residents by providing a new, lease-to-own homeownership program.
“We are proud to be launching the lease-to-own program with Trio, as it will enable us to help even more Nevadans achieve their dreams of homeownership,” said Diane Arvizo, NRHA director of homeownership programs, also known as Home At Last™. “The benefits of homeownership are far reaching – from an individual’s ability to build long-term wealth to a community’s success in economic growth and sustainability. This program will provide an affordable, secure path to homeownership when traditional mortgage financing is not attainable.”
Instead of starting with a home mortgage, Trio first qualifies a potential home owner for a lease with fixed monthly payments for one to five years. The customer then has the option to purchase the home anytime during their lease term.
“Trio’s mission is to help more people become homeowners,” Trio Managing Director Darryl Lewis said. “We are excited to partner with Nevada Rural Housing Authority in providing a new path toward homeownership in Nevada.”
How It Works:
Under the new program, both resale and new homes from area homebuilders that are available for sale qualify. The program finances homes built or renovated within the last 10 years as well as older homes that may require light rehabilitation, subject to third party inspection and appraisal, up to a maximum home price of $325,000 (up to $425,000 in Reno, Nevada). The purchase option price is set as low as the original cost of the home, plus a 1 percent conversion cost after making 24 timely monthly payments. Future home equity may then be used toward the down payment or closings costs by the customer to purchase. NRHA’s other homeownership tools through its Home At Last™ program, such as Down Payment Assistance and Mortgage Credit Certificates, are also available when customers are ready to buy.
Every Trio-financed home includes an “own option mortgage,” which is the original assumable FHA loan placed at the time of closing that can be used to finance the home purchase when the customer is ready and qualified to purchase. By locking in today’s purchase price and interest rate, Trio helps preserve future affordable homeownership.
Trio’s Success Program provides current customers with 24 months of financial coaching to ensure they become mortgage ready and achieve homeownership. And Trio’s Home Care Guide teaches current customers how to maintain their investment.Categories: affordable housing Community Development Uncategorized