Trio Lease Financing Adds Option Beyond Renting and Owning in Sacramento; Makes Future Home Ownership a Reality for Many More Residents
Trio's OwnOption Mortgage Helps Consumers Lock in Fixed Interest Rate for Future Purchase
SEATTLE, Oct. 22, 2015 /PRNewswire/ -- Trio, a provider of affordable home lease financing, is expanding its program in the Sacramento market. After a year of service in the suburbs of Sacramento, Trio is now available throughout the region and includes an OwnOption Mortgage with every home it finances. An OwnOption Mortgage secures a fixed interest rate at the time of lease signing, a rate that is available to Trio's customers for the life of their lease should they choose to purchase.
Darryl Lewis, founder and CEO, compares Trio to the more familiar auto lease. "Much like auto leases are a popular way to finance a car, Trio is lease financing for a home that includes an option to purchase. Instead of starting with a 30-year home mortgage, Trio first qualifies consumers for a lease, which can make it easier for many people to get financing upfront. Then, they're in control and can decide when and if buying their home is right for them. If they choose to purchase, their interest rate is already secured, thanks to the OwnOption Mortgage."
Trio, under its lease financing program, continues to offer fixed monthly payments, a choice to finance from one to five years, a home warranty, and the option to purchase during or at the end of the lease – features well suited for first time home buyers, families recovering from the Great Recession, and those who want the flexibility of leasing with the security of knowing they can purchase if and when they are ready. Now Trio adds its OwnOption Mortgage to preserve future affordability for its customers.
Stephanie Martinez, a Trio customer in Yuba City, Calif., shares, "Trio is for real people. I like that it gave me a path forward while I was still saving for a down payment for a house. Thanks to Trio, I moved into a wonderful new home in time for my twin babies to spend their first Christmas and first birthday party."
Trio finances any newly built home (houses built within the last five years) in the greater Sacramento regional area with prices up to $525,000 (see Trio's website for pricing by county). There is no fee to apply.
Several groups of Sacramento residents are likely to benefit from home lease financing by Trio:
- People recovering from the Great Recession. Lewis notes, "Trio offers hope to people who face challenges with getting approved for mortgages post-recession. It's ok if you're self-employed; have a work visa; or have gone through a job change, job loss, income reduction, short sale, medical challenge, divorce, foreclosure, bankruptcy, or other life challenging event." Lewis adds, "However, Trio is not a credit recovery program. Our minimum credit score is 620, similar to governmental mortgage standards. Trio is built to finance would-be home buyers who nearly qualify amidst today's restrictive mortgage standards or have timing issues resulting from life events."
- First time buyers & Millennials. "Newlyweds, recent graduates, new professionals, and others may be ready for their first home but need time to save for a down payment or establish their income history," says Lewis. For applicants who have yet to establish credit, Trio can use rental history, utilities, or phone bills to help with an approval.
- People who aren't ready to commit to a 30-year mortgage. Lewis adds, "The first five years of ownership are the most risky, so make certain you want to commit to a mortgage. With Trio, there's no down payment requirement up front, or the typical eight to ten percent of your home price in sales costs, should you need to move."
To qualify an applicant, Trio reviews whether the applicant has enough cash to pay their lease payment and other obligations each month, a history of making rental or mortgage payments on-time, and the employment and credit potential to be able to purchase by the end of the lease. Trio eliminates many typical barriers, especially timing issues such as work history and down payment funds. Trio does require applicants to have approximately two times their monthly lease payment in savings or investments.
About Trio
Trio and its team have been providing lease option financing since 2001. Trio is a private company that works closely with state and local governments in the U.S. who are trying to promote the return of homeownership. Since the beginning of the housing crisis, the Trio team has worked with America's housing leadership – including the Department of Housing and Urban Development (HUD), the Federal Housing and Finance Agency (FHFA) that runs Fannie Mae and Freddie Mac, financial institutions and banks, state and local housing agencies, and many more – to help design and develop ways to help the housing market recover. Trio safely and securely qualifies more families for the American dream by extending the availability of credit to the housing market. Learn more at www.thinktrio.com.
SOURCE Trio
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