Rowlett Housing Finance Corporation Expands Access to Home Ownership with New Lease-To-Own Program
FOR IMMEDIATE RELEASE: The Rowlett Housing Finance Corporation Expands Access to Home Ownership with New Lease-To-Own Program
ROWLETT, Texas (January 2, 2019) – The Rowlett Housing Finance Corporation (the “Rowlett HFC”) today announced a new partnership with Trio, an independent mortgage financing company based in Washington state, to expand access to affordable financing to qualified residents to promote home ownership through a Lease-To-Own program.
“Some of our residents need an affordable, secure path to home ownership when traditional mortgage financing is not attainable,” said Rick Sheffield, Rowlett HFC’s Executive Director. “We are excited about this partnership to help young families and others prepare to purchase their first home and experience the benefits of home ownership.”
Trio’s Managing Director Darryl Lewis explains that 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 24 months into the lease agreement via an assumable FHA mortgage.
In Texas, both resale and new homes from area home builders are available under the program. The program finances homes built or renovated within the last 10 years, subject to third party inspection, up to a maximum home price of $425,000. The purchase option price is set as low as the original cost of the home, plus a 1% conversion cost. Future home equity may then be used toward the down payment or closings costs by the customer to purchase.
Every Trio-financed home includes an “OwnOption mortgage,” which 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, the Trio program helps promote future affordable home ownership.
About Trio:Founded in 2001, Trio is an independent finance company that specializes in affordable lending to offer more paths to home ownership for American households. Trio works with individuals, private industry, state, local and federal government and non-profit organizations to offer innovative financing. Trio’s leadership has experience in all things housing from affordable lending programs to mortgage lending to housing development to shaping housing policy. To apply for the program or obtain more information, please visit http://www.thinktrio.com. It is free to submit an application.
About the Rowlett HFC: The Rowlett HFC is a public, nonprofit housing finance corporation and instrumentality of the City of Rowlett, Texas, pursuant to the provisions of the Texas Housing Finance Corporation Act, Chapter 394, Texas Local Government Code, as amended (the “Act”). The Rowlett HFC’s purpose under the Act is to provide a means to finance the cost of residential ownership and development that will provide decent, safe and sanitary housing for individuals of low and moderate income.
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