The California Affordable Housing Agency is partnered with Applied Residential through its Trio lease option financing program to provide a much needed affordable homeownership program. Trio is a transitional homeownership program that enables individuals to first lease a home with the option to purchase and then buy when they are ready for a mortgage. Trio allows any exceptions that existing mortgage underwriting does not, assisting more families begin the path toward or to return to homeownership.
CalAHA is working to improve access to affordable and workforce housing across the state of California. CalAHA is active with Trio in central and southern California and is furthering its work with Trio through Trio's Own Option Mortgage. Each Trio lease option agreement that includes an Own Option Mortgage provides an assumable mortgage (currently FHA insured) preserving today's low interest rates; further preserving affordable homeownership.
The Trio lease option program is designed to provide access to homeownership for potential homeowners ranging from first time buyers to those recovering from the Great Recession. Through Trio, future homeowners stabilize their housing situation and begin a path to homeownership. Trio is partnered with leading homebuilders offering Trio lease option financing for newly built homes priced up to 110% of the FHA mortgage limit for a given market. For more information on the Trio program see www.thinktrio.com.