NASHVILLE, Tenn. (WKRN) – Where there is a will, there’s usually a way and that applies to owning a home as well.
Let’s face it. Saving for a down payment and getting approved for a home loan isn’t always easy, especially for those without a steady income.
However, there are options out there, including a lease-to-own program that’s brand new to Tennessee. The program hopes to help Nashvillians build wealth through owning a home.
Columbia Housing and Redevelopment Corporation is announcing a partnership with Trio, the popular lease-to-own financing program that helps place more Americans on the path to homeownership. This partnership brings Trio’s homeownership program to Tennessee.
“When people are trying to save and rents are going up, it’s super tough so what we do is we help them get into the house and lock in a home price today,” Darryl Lewis, CEO and Founder of Trio said.
Lewis says he’s found an affordable and secure way to finance a home for those on edge of qualifying for a mortgage.
“When you look at a market like Nashville, we have so many people doing different things which is exciting, right? Our country allows people to earn income in a lot of different ways, but when our banking system doesn’t support that you get this wide disparity of access to home ownership,” Lewis said.
This is often the case for those who are self-employed, first-time homebuyers, those involved in the music industry or any non-traditional wage earnings like hair stylists, truck drivers, landscapers, bartenders and waitresses.
“A lot of people today are supplementing their income with additional jobs just to be able to pay their rent. So for us, you can apply your rent toward your purchase, and you can use that to help build your down payment,” Lewis said.
The program provides 100 percent financing down to a 550 credit score with no down payment required. Plus, customers have up to five years to purchase their home.
Lewis says the best part is customers earn equity while leasing and then can put that money toward their down payment. We’re told more than 80 percent of those working through Trio become homeowners; that’s 82 percent higher than any other program in Tennessee.
“We’re excited to be in Tennessee,” Lewis said. “It’s a great marketplace for us and we’re hoping we can help a lot of folks.”
If you’d like to apply or want to learn more, head to thinktrio.com.
It is free to submit an application.