The Industrial Development Authority of Pima County announced a new partnership Monday with Trio, an independent mortgage financing company based in Washington state. The goal is 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,” says 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 homeowner 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 percent conversion cost. Future home equity may then be used toward the down payment or closing costs by the customer.
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.
Founded in 2001, Trio is an independent finance company that specializes in affordable lending to offer more paths to home ownership for American households. Trio works with individuals, private industry, state, local, and federal government, and non-profit organizations to offer innovative financing.
The Pima IDA is a nonprofit corporation designated a political subdivision of the State of Arizona incorporated with the approval of Pima County, pursuant to the provisions of the Arizona Constitution and the statutes currently titled “Industrial Development Financing,” Title 35, Chapter 5, Articles 1 through 5, Arizona Revised Statutes, as amended (Sections 35-701 through 35-761, inclusive).
The Pima IDA has no taxing power nor the ability to pledge the general credit or taxing power of Arizona or any political subdivision thereof.
