Applications are accepted by email or fax and are available on our website – see Apply For Financing.  We strive to review your application and issue a pre-qualification within 48 hours of receipt. A $50 application fee is required.

Once your application is received and you are ready to finance your new home, we will complete the remainder of our approval porcess including reviewing your rental/mortgage history, credit and income. Our requirements are similar to renting and less stringent than traditional mortgage qualification.

Qualification Standards:
• Currently employed
• Minimum credit score of 620
• 2 Year Verification of Rental History
• 2 Year Verification of Employment
• Foreclosures are OK with Explanation
• No Bankruptcy in the last 2 Years

For each monthly lease payment you make by the due date in your lease, we will apply a portion of your payment toward your down payment and/or closing costs should you choose to buy at the end of your lease.

If you have already negotiated your home purchase, we finance your negotiated contract. In the case of our specially priced properties, our prices are pre-negotiated. All properties must be appraised and approved by our underwriting group prior to closing. If you are working with one of our team members to select your home, you are involved from inception through inspection and closing.

Our residual option prices are set with the intent to assist you in building equity by the end of your lease. Our financing formula targets a discount equal to or greater than 7% of the ending value of your leased home or condo. In this way you have a portion of your down payment built in to the residual purchase price necessary to finance your home or condo at the end of the lease term. Our formula sets a floor amount that is equal to the original purchase price, including all costs, plus a financing factor. This floor is generally an amount above the current list price of the property. The ceiling is set at a 7% discount off of the ending appraised value of the property.

There are several ways to build equity over your lease period.  First, maintaining and/or improving your leased home or condo will help maintain and possibly increase your leased home’s value over the lease term.  Second, your residual purchase price is set at a formula targeting a discount of 7% of the ending value of your leased home or condo. Third, we apply up to 15% of your on-time monthly lease payments toward your purchase of your leased home or condo. Fourth, finance the end purchase of your leased home or condo through our preferred lending partners.  This saves the greatest amount of your costs to purchase the property – your lending fees.

Trio puts you in control of your housing future and offers complete flexibility.  At the end of your lease you can purchase your home using the equity you have built and benefit from Trio’s Homebuyer Bonus Program.  Or if the timing is not right for you to purchase, you can re-lease and extend; exchange your home for one that better suits your needs; or move-out. You have four options at the end of your lease:

1. Use your earned equity and savings to purchase your home
2. Exchange your home or condo for a different property with Trio and preserve your credits
3. Re-lease your home or condo for another 1 to 3 year term
4. End your lease and vacate your home or condo

One of our goals is to produce better educated and financially prepared homeowners.  To this end, Trio created its Homebuyer Bonus Program.  This program offers incentives and bonuses when opting to purchase your home at the end of your lease.  The program includes:

1. Free homebuyer planning services provided by Home for Good - our non-profit partner
   
2. Savings match program in which Trio matches 25% of your savings contribution up to a $5,000 match
   
3. Credits for each on-time monthly lease payment
   
4. Credit for up to 50% of your inception fee applied toward your financing costs when using our preferred lender

Trio is committed to working with you if you decide to purchase your home at the end of your lease. To this end, included in your lease is an option to participate in our savings match program. Under this program, we match 25% of your savings up to $5,000 should you purchase your home under your residual purchase option. If you opt not to purchase, your savings contributions are returned to you at lease end.

Your Inception Fee is comparable to closing costs in a traditional mortgage.  The Inception Fee includes 1% of the last list price and a maintenance fee of $800.  This fee is paid when you sign your lease.  Should you opt to purchase your home at the end of your lease, 50% of your inception fee is credited toward your closing costs should you choose to use one of our preferred lenders.

Any quality new home, condominium or townhome may qualify for Trio Lease Financing. Each property is underwritten by Trio for qualification. Many projects are already underwritten and approved. Click here for a list of our featured properties.

We finance only quality new homes and condos because new product is warranted by the developer, is less expensive to maintain, holds its value and is generally more attractive to our customers.

You work directly with Trio to schedule your move-in date. Typically units are available for move-in within 30 days to 45 days from the date your lease is signed. We prefer to schedule your move-in date at least 10 days before your existing lease ends to provide for moving time and any possible delays.

We typically require between 30 and 45 days from lease signing to move-in for any of our preferred properties.  Move-in dates for non-preferred properties may require more lead time.

Why rent when you can secure a lease in a new home or condo with the residual option to purchase?  You can choose what to lease and have fixed payments over your 2 or 3 year lease. Live like an owner in condos, townhomes or single-family residences.  You secure a future purchase option price. If you are interested in purchasing in the long-term, you can opt into financial assistance and homeownership counseling with our non-profit partner Home for Good. With Trio, you have the flexibility of renting with the security of leasing with an option to own. You get to choose from any new home and lease instead of using a traditional mortgage – you save thousands and have greater security compared to renting!

You are responsible for repairs and maintenance on the property the same as if you financed using a traditional mortgage.  However, unlike a traditional mortgage, you benefit from the support of Trio’s property management company and maintenance service team. Our team orients you to how to maintain your home as well as reviews the maintenance schedule required under your lease.  If any repairs are required, our team provides a list of local preferred providers servicing our customers at a discount. This list is available through your property management lead. Additionally, the majority of our homes are covered under the developer and manufacturer’s warranties; you may also choose to include an additional warranty with your purchase.  Ask your representative for more details.

There are several options to end your lease early; however, you are ultimately responsible for your lease payments from inception through the end of your lease. We do have a sublease program that allows you to re-lease your leased home or condo to another party with our approval. If qualified, the new occupant may take over your lease completely.

Yes, you are able to purchase the property from us early provided you meet the terms outlined in your lease.