Best Marketing Award: Trio Program in Partnership with Rowlett HFC


The Rowlett Housing Finance announced a new partnership with Trio, an independent mortgage financing company based in Wash- ington State, to expand access to affordable financing to qualified residents to promote homeownership 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 start-


ing 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 homebuilders 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.


The 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.


“We are excited for our partnership with Trio. This “Own-Option” mortgage program is breaking ground on a new way to help people realize the dream of home ownership,” said Rowlett HFC’s Executive Director, Rick Sheffield. “In addition to providing a path to ownership, we also provide home owner education programs on finances and home maintenance to help ensure the new owners’ ability to not only just get in a home, but to thrive and improve their lives and the community in which they live.”


Fall 2019


TALHFA


Page 13


Talk


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20