Arrive Home Launches Earned Equity Program
National affordable housing innovator Arrive Home has announced the launch of its Earned Equity Program. As part of Arrive Home’s continued mission to expand access to homeownership for underserved borrowers, the new Earned Equity program helps more consumers achieve their homeownership goals through a long-term purchase contract.
Designed to assist consumers who do not qualify for a traditional mortgage, the Earned Equity Program enables program participants to enter into a long-term purchase contract with monthly payments controlled by an automatically renewing 10-year lease agreement. This enables them 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. During the 10-year term, the customer has time to improve their credit rating and eliminate other obstacles preventing them from qualifying for a home, eventually buying the property outright using a traditional mortgage loan.
“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.”
Arrive Home launched in 2022 with a mission to provide alternative credit solutions to borrowers who do not fit the traditional credit mold.
“The Earned Equity Program has the potential to help a large segment of consumers who are responsible and want to own a home, but lack credit solutions in today’s financing industry that can help make this dream a reality,” said Arrive Home CEO Matt Pettit. “At Arrive Home, our goal has always been to bring real innovation to the market to expand access to homeownership. The launch of the Earned Equity Program is a huge part of this equation, and we are thrilled to introduce it to the market.”
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