The Industrial Development Authority of the County of Pima (the “Pima IDA”) today announced a new partnership with Trio, an independent mortgage financing company based in Washington state, to expand access to affordable financing to qualified Pima County residents to promote homeownership through a Lease-To-Own program. “Some of our residents need an affordable, secure path to homeownership when traditional mortgage financing is not attainable,” said John H. Payne, Pima IDA’s President. “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 starting 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 Arizona, 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 $325,000. 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.
Every Trio-financed home includes an “ownoption mortgage,” which can be used to finance the home purchase when the customer is ready and qualified to purchase. By locking in today’s purchase price and interest rate, the Trio program helps promote future affordable home ownership.
