Social Enterprise Aims To Increase Homeownership For All
Arrive Home, a national down payment assistance facilitator offering emerging credit solutions for responsible borrowers in underserved communities, launched this year. The social enterprise aims to increase homeownership across the country, focusing specifically on minority homeownership by working with governmental entities, mortgage lenders, and nonprofit groups to offer innovative and diverse mortgage products.
To achieve this goal, Arrive Home offers both a down payment assistance (DPA) program and an earned equity program that enable correspondent lenders to confidently deliver loans to responsible borrowers who qualify under FHA guidelines.
Arrive Home’s DPA product is paired with an FHA-insured first mortgage and provides borrowers access to a down payment ranging from 3.5% to 5% of the purchase price or appraised value of the home. Importantly, Arrive Home leverages cutting-edge technology so that lenders can fully integrate the company’s products into their loan origination systems, granting them flexibility and control of the loan through to closing.
“Through strong leadership and compelling innovation, Arrive Home empowers correspondent lenders with tools like down payment assistance or our Earned Equity Program to better serve minority communities without leaving their LOS,” said Matt Pettit, President and Co-Founder of Arrive Home. “Using state-of-the-art technology, we have streamlined our application and submission process to ensure ease of use for our correspondent lenders. With just a few simple steps during the application process and one click to submit a loan, using any Arrive Home product is truly as simple as 1-2-3.”
Tai Christensen, Chief Diversity and Public Relations Officer at Arrive Home, said that by partnering with Arrive Home, lenders can feel confident they are helping borrowers find suitable products that will pave the way for responsible and sustainable homeownership.
“Arrive Home seeks to provide down payment assistance and non-traditional credit solutions for aspiring homeowners. In some cases,” Christensen said, “these borrowers have demonstrated their ability to pay through timely rental payments, but they don’t fit the traditional credit box and are therefore unable to utilize most of the available mortgage options in the market.
“A large portion of minorities in our country are currently shut out of the housing market because of an appalling lack of lending products designed to address their unique credit picture,” Christensen added. “We’re stepping up to help these consumers overcome the greatest single hurdle they face in the path toward homeownership by providing them with a responsible source of financing. We are determined to help underserved minorities and create generational change, one home at a time.”
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