What is the monthly payment I qualify to finance for?

In most cases, the maximum mortgage payment you can qualify for is going to be 38% of your gross household income (if you’re in a higher income household, this number may differ). Let’s break it down: if your gross household income is $5,000, you’re looking at a maximum payment of $1,900 ($5,000 x 38%). If you’ve got other debt obligations, your approved payment could be limited – yet another reason to become an expert at that whole living within your means thing. Trio approves payments to a maximum of 50% of your gross household income less your other debt obligations (this info is generally obtained from your credit report), or 38%, whichever is less.

Do you make exceptions or limit approved monthly payments?

If you’re balancing fixed obligations – think car payments, credit card payments, student loans – your approved maximum payment could be limited. However, if you’ve got a nice chunk of savings, have a higher household income, and/or are boasting a healthy credit score, increased monthly payments are likely in your future. Further evidence for how that whole living within your means approach is a gift that truly gives back. Check out our payment estimator for your current situation.

What home price will I qualify for?

Ready to estimate your approved home price? Great! Just use our mobile app or head over to the payment estimator and enter in your information to find your estimated monthly payment and home price.

How do I document my income if I’m self-employed or own my own business?

It’s Easy. Gather your prior year tax returns, your current profit and loss statement, and a copy of your most recent two months business bank statements, and send on over to us.

We have multiple people in our household. Do we all need to apply and sign the financing agreement?

Anyone over 18 who will be living in your financed home will need to apply. They will also need to sign your financing agreement and are individually responsible for the terms of your financing. So you know, make sure you really want to live with these people.

How much time do I have to finance a home after I am approved?

Once you’re approved, you have 90 days to finance a home before your approval expires. To update your approval, you’ll need to provide updated credit scores, income and reserve documentation.

Fixed monthly payments. That’s got a nice ring to it, huh?

Yep, you read that right. And, your fixed payment only goes up during your lease if the property taxes, homeowners insurance, homeowner’s dues, or other similar costs increase – similar to how escrow accounts for a mortgage. Your monthly payment is based on the cost of the home you select. If you’re looking to score the lowest payment, you’ll want to negotiate the best price in comparison to market value. You can also look for new homes with seller incentives.

To top it off, as part of your Home Purchase Assistance, Drossman Group credits a portion of your on-time monthly lease payment toward your purchase. Seriously, set it and forget it. Until you are ready to remember it, and at that point, rejoice.

Managing the cost of your payment.

Much like an auto lease, we gives you the option to reduce your monthly payment up front. Want a lower monthly payment than just let us know. We’re ready to help you manage your payment through our buy-down program.

Know Your Purchase Price Up Front.

See, you’re feeling more relaxed already! When you sign your lease, you’ll be locking in your ability to purchase through your purchase option. Your future option price is set based on factors like the number of years in your lease, the value of your home, and the market in which you live. If you are going with your net option price after home purchase assistance will be set as low as just 1% above the home price, plus initial costs – depending on your income.

Our best price = your best option price.

The lower the home price up front, the lower your option price. Sounds simple, right? That’s because it is.  Set your option price based on the negotiated home price at the time of purchase, plus costs to close and make your home move-in ready for you. We asks for a 3% closing costs concession from the seller for your benefit. If the negotiated home price is less than 97% of the appraised value, your monthly payment is reduced in addition to your option price. On the flip side, if the negotiated home price is above 97% of the appraised value, your monthly payment and up-front costs could go up. Be sure to keep that in mind as you’re selecting your home and negotiating your price to finance.

Tell us your choice before the end of your lease.

We are flexible. Just let us know 90 days before the end of your lease whether you plan to purchase, exchange, or move on. If you’re opting to purchase, then you’ll work with our preferred lenders to get you on your way. If your path is to exchange or move on, our home care team will be there to provide you with a move-out schedule and a helpful guide to assess wear and tear. And, if your mortgage advisor says you need more time, we may be able to extend your lease.

So you want to move on before your lease ends. Now what?

We know that life changing events can happen, usually when you don’t plan on them. If this is the case for you, let us know and we’ll see what we can do to help. If it’s after 24 months, simply provide us 60 days’ notice and we will work with you to help you move on. If you need to move out before the end of 2 years, we can help with our Sublease Program, yet another unique customer benefit offered by Trio. We will market your home and find a new occupant, for a small fee. And, good news for you: if the new occupant qualifies, they can be a substitute for you and release you from your lease obligations! #MovinOn

You’re at the end of your Lease, but you’re not sure you want to own yet. We’ve got you covered with: Exchange.

With Exchange program, you can then select another one of our qualified home and choose to finance with us. Your earned Home Purchase Assistance will be rolled over to your next home. Plus, you’ll be discounted your inception fee on your next home. If this is your first home, or if you’re one of our dedicated members of the military, or part of our country’s growing mobile work force, this option was built for you. #Exclaim#Exchange!