Family Housing Resources of Tucson will host two online events for homebuyers and lenders to learn more about a lease-to-own program that entered the market last year.
Through the program, potential homebuyers can lease a home for up to five years and use the appreciation of the houseβs value as a down payment when they are ready to buy.
During the time of the lease, the person is required to participate in financial counseling.
Mortgage company Trio is partnering with Pima Countyβs Industrial Development Authority on the program.
Both new and resale homes are eligible up to a maximum price of $325,000 and rates locked in for 30 years at todayβs rates.
To qualify, participants must have:
- Minimum 580 credit score
- Minimum $3,600 monthly household income
- 24-month clean housing history (on-time rent or mortgage payments)
- Minimum $2,500 in savings
- Maximum debt-to-income ratio of 50%
The program is privately funded and the role of the IDA is to promote awareness of the option. Trio receives no government subsidies.
The upcoming webinar for lenders, Realtors or property owners is Sept. 16 from noon to 1 p.m.
For potential homebuyers itβs Sept. 23 from 6 to 7 p.m.
There is no charge to attend. Visit fhrtucson.org/trio to register.
