Arrive Home, based in Salt Lake City, has launched a new initiative called the Earned Equity Program, aimed at providing an alternative path to homeownership for borrowers who may not qualify for traditional mortgages. This innovative program is designed to help more people achieve the dream of owning a home, especially those who face barriers in the conventional mortgage market.
How the Earned Equity Program Works
The Earned Equity Program allows participants to enter into a long-term purchase contract with monthly payments governed by a 10-year lease agreement that automatically renews. Unlike traditional mortgages, this program gives borrowers the flexibility to use and enjoy the home as their own while working toward eventual ownership. The purchase price is fixed at the time the contract is signed, giving participants the option to buy the home at that price at any point during the contract term.
“We are absolutely thrilled to bring the Earned Equity Program to market and are very excited by the interest it is getting from our correspondent lender partners,” said Tai Christensen, President of Arrive Home. “This program is a major step forward for Arrive Home in our efforts to facilitate responsible homeownership, broadening our offerings beyond down payment assistance and solidifying our position as a leader in affordable housing solutions.”
A New Frontier in Affordable Housing
The introduction of the Earned Equity Program marks a significant expansion of Arrive Home’s mission to make homeownership more accessible. Since its founding, Arrive Home has been dedicated to helping borrowers who struggle with traditional financing options. The company’s innovative approach, which includes down payment assistance and alternative credit solutions, has already made a substantial impact on the housing market, particularly in underserved communities.
The Earned Equity Program builds on these efforts by providing an alternative path for borrowers who may not have the credit history or financial standing to secure a traditional mortgage. By offering a long-term lease-to-own option, Arrive Home is opening new doors for responsible borrowers who are ready to commit to homeownership but need a different approach to get there.
Looking Ahead
With the success of its down payment assistance programs and the growing interest in the Earned Equity Program, Arrive Home is poised to continue its leadership in the affordable housing sector. The company’s commitment to innovation and inclusivity is evident in its expanding range of services designed to meet the diverse needs of today’s homebuyers. As the Earned Equity Program gains traction, it is likely to become a key component of Arrive Home’s strategy to make homeownership more attainable for all.
Original Article: https://wrenews.com/arrive-home-debuts-earned-equity-program-as-mortgage-alternative/