Salt Lake City-headquartered Arrive Home has launched its Earned Equity Program to help expand homeownership to borrowers who do not qualify for a traditional mortgage.
According to the company, the Earned Equity Program provides program participants with a long-term purchase contract featuring monthly payments controlled by an automatically renewing 10-year lease agreement. The contract is designed to enable borrowers to use and enjoy the home as their own, with the intention of eventually buying or assuming the property. At any time during the term of the purchase contract, the participant may buy the home at a price that was fixed when the contract was signed.
“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 Arrive Home President Tai Christensen. “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.”
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