The place where you live is a major decision, if not the largest financial decision most Americans will make in their lifetime. It does not just affect how much money you have left at the end of the month. It also affects your lifestyle and the size of the savings you accumulate over the years.
The biggest myth about renting is that you are “throwing away money” every month. However, this is not so with A HOME RUN™ program. We all need a place to live, and for the most part, that always cost money, in one way or another. Under normal circumstances, you aren’t building equity with monthly rent payments, but with A HOME RUN™, a portion of every monthly payment you make, goes towards the down payment and / or closing costs of your future home.
Homeownership brings intangible benefits, such as a sense of stability, belonging to a community, pride of ownership, and the best part about it, you build equity!
Equity in your home is the amount your home appraises for, minus what you still owe on it. Every month that you make a mortgage payment, a portion of what you pay reduces the balance of what you owe. That reduction of your mortgage every month, increases your equity. With AHomeRUN™, you start your homeownership journey with equity, and you continue to build it as long as you continue to make your monthly payments.
A HOME RUN™
Understanding the Model
JD Lee presents a model for how to create affordable housing via A HOME RUN™, in a Mid Michigan community and throughout the nation.
You may have been challenged by a credit history that has been less than stellar, you may have excellent credit, or might be somewhere in between. At any rate, we offer options for you to earn sweat equity and build credit towards your home ownership.
Based on combined household income, anyone with good, fair, or even poor credit can qualify for AHomeRUN™. We have created a program that fits most all financial situations.
You may be wondering, what if I do not have enough for a down payment to qualify? Well the good news is, when you enter our program and are paired with 1) a local CDC in your area, 2) a matching affordable rental unit, and 3) a portion of your monthly payments can go towards your down payment and future closing costs. Also, most major cities, banks, credit unions and the Federal Government via HUD, have some form of Down Payment Assistance (DPA) programs.
It is very similar to putting your home in a “layaway” plan, where the portion of your monthly payments that are earmarked for your future home, are put into an escrow account with us, and become part of the initial funds you have to work with when it comes time to close the deal on your new home.
Contact us today and ask to speak with someone who can help you find one of our AHomeRUN™ partners in your area.
833.BOXTLEY | info@Boxtley.com | www.Boxtley.com