Invest Atlanta has made another innovative homebuyer financing tool available by introducing Trio, a program that provides prospective homebuyers with a 1-to-5-year lease on their selected home with the option to buy it at a predetermined price with an assumable mortgage and fixed interest rate. Trio is now open to residents of the City of Atlanta.
Offered through the City of Atlanta’s Urban Residential Financing Authority (URFA), Trio extends homeownership opportunities to buyers who may have credit problems and otherwise may not qualify for a mortgage. Through Trio, people facing obstacles with traditional bank financing can obtain more flexible financing terms that give them access to home ownership at current pricing and interest rates.
Trio can be used in conjunction with Invest Atlanta’s homebuyer mortgage assistance programs for qualifying applicants. Prospective homebuyers whose mortgage applications were previously declined can work with Trio. Homebuyer Education from eHome America is required.
Homebuyers participating in Trio may select a home that has been built in the last 10 years or substantially remodeled. They may transition to homeownership at any time during the lease term, and may choose to assume the existing FHA mortgage or purchase with a new loan. Down payment assistance is available in either case.
Besides making it possible for more people to buy homes at an affordable cost, Trio is increasing access to homes where purchase prices have been steadily increasing, such as the neighborhoods around the Beltline.