The Path to Homeownership (PATH)  is designed for individuals and families who want to purchase a home but may not qualify for financing today.

Everyone knows that homeownership provides many benefits like financial benefits and stability. Many, however, face challenges getting financing due to issues like lack of down payment, low credit score, and employment history. 

This program allows approved applicants to rent a participating home while working toward financing approval. On top of that, a portion of each monthly rent payment is credited toward the future purchase of the home, helping you with more down payment.

The goal is to provide residents with time to improve their financing profile while already living in the home they hope to purchase.

Who Is This Program For?

The PATH may be a good fit if you:

• Need additional time to save for a down payment
• Are working to improve your credit score
• Need to reduce existing debt
• Recently started a new job and need more employment history
• Want to become a homeowner but are not currently approved for financing

How the Program Works

Step 1: Apply

Applicants must complete:

• A rental application
• A financing application through an approved lender

Our team will review your situation and work with you to create a realistic plan toward financing approval. Examples may include:

• Improving credit scores
• Paying down debt
• Establishing additional employment history
• Saving for homeownership expenses

Step 2: Move Into the Home

Once approved, you will enter into a lease agreement for an eligible home.

During the lease term, you will live in the home as a renter while working toward the financing goals established in your action plan.

Step 3: Earn Rent Concession Credits

Each participating home has a designated monthly concession amount.

When rent is paid on time, that concession amount is credited toward your future down payment if you purchase the home.

For example:

• Monthly Rent: $1,610 
• Monthly Concession Credit: $189
• Lease Term: 18 Months

After 18 months, you would earn approximately $3,402 in down payment credits.

These credits help bridge the gap between renting and homeownership.

Step 4: Apply for Financing

At the end of the lease term, residents may:

• Apply for financing and purchase the home
• Request an extension if additional time is needed and progress has been
• made toward financing goals
• Move out under the terms of the lease agreement

What Happens If I Purchase the Home?

If financing is approved and you purchase the home:

• Earned concession credits may be applied toward your required down payment
• You become the homeowner
• Monthly rent payments end and are replaced by your loan payment

Applicable sales tax paid by the community on the home sale transaction must be reimbursed by the purchaser.

What Happens If I Need More Time?

The standard program term is 18 months. Residents who are actively working toward financing approval may be eligible for a 6-month extension, subject to management approval.

What Happens If I Decide Not to Purchase?

If you move out without purchasing the home:

• Earned concession credits are forfeited
• Concession credits cannot be transferred to another home
• Security deposits will be refunded according to the terms of the lease agreement, less any applicable charges for damages or unpaid balances

Bottom line: If you decide not to purchase, it would be the same as if you had rented during this period. 

Program Requirements

General requirements include:

• Minimum credit score of 550
• Household income of at least three times the monthly housing payment
• Approval through the community rental screening process
• A realistic financing plan approved by management

Additional requirements may apply.

Important Program Details

Only select homes are eligible for the PATH.

• Security deposits generally begin at 5% of the home's purchase price and may be higher based on applicant qualifications.
• Quarterly home inspections are required.
• Home modifications are not permitted without prior written approval.
• Pet fees and monthly pet rent apply where applicable.
• Residents remain renters until financing is completed and the home purchase closes.

Available Homes

The PATH is currently available on select homes at Hillcrest Estates and Villa Diann.