Arrive Home, a pioneering company in the affordable housing sector, has unveiled its latest initiative, the Earned Equity Program, aimed at broadening access to homeownership for underserved borrowers. This new program represents a significant addition to Arrive Home’s mission to provide alternative credit solutions for individuals who might not qualify for traditional mortgages.
The Earned Equity Program is designed to offer a unique path to homeownership through a long-term purchase contract. Participants in the program enter into a contract that includes monthly payments managed by an automatically renewing 10-year lease agreement. This structure allows participants to live in and enjoy their home as if it were their own, with the opportunity to eventually purchase the property outright. The purchase price is fixed at the time the contract is signed, providing participants with the security of knowing what they will need to pay if they choose to buy the home.
During the 10-year lease term, participants have the opportunity to improve their credit scores and address other financial challenges that may have previously prevented them from qualifying for a traditional mortgage. At any time during the lease period, they can opt to buy the home at the agreed-upon price, transitioning to full ownership using a conventional mortgage loan.
“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 seen as a significant step forward in Arrive Home’s ongoing efforts to facilitate responsible homeownership. By expanding their offerings beyond traditional down payment assistance, Arrive Home is solidifying its role as a leader in affordable housing solutions.
Since its launch in 2022, Arrive Home has been committed to helping borrowers who fall outside the traditional credit mold. CEO Matt Pettit highlighted the Earned Equity Program’s potential to help a large segment of responsible consumers who are eager to own a home but have struggled to find financing solutions that meet their needs in today’s market. He emphasized that the program reflects Arrive Home’s dedication to bringing innovative and inclusive housing solutions to the market.
With the introduction of the Earned Equity Program, Arrive Home continues to lead the charge in making homeownership more accessible and achievable for all, particularly those in underserved communities.
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