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June 2024 » thefivestar.com 31 June 2024 I N D U S T R Y U P D A T E controlled by an automatically renewing 10-year lease agreement. This enables them to use and enjoy the home as their own, with the intention of eventually buying or assuming the property. At any time during the purchase contract term, the participant may buy the home at a price fixed when the contract was signed. During the 10-year term, the customer has time to improve their credit rating and eliminate other obstacles preventing them from qualifying for a home, eventu- ally buying the property outright using a traditional mortgage loan. "We are absolutely thrilled to bring the Earned Equity Program to market and are very excited by the interest it is getting from our correspondent lender partners," Arrive Home President Tai Christensen said. "This program is a major step forward for Arrive Home in our efforts to facilitate responsible home- ownership, broadening our offerings beyond down payment assistance, and solidifying our position as a leader in affordable housing solutions." Arrive Home launched in 2022 with a mission to provide alternative credit solutions to borrowers who do not fit the traditional credit mold. "The Earned Equity Program has the potential to help a large segment of consumers who are responsible and want to own a home but lack credit solutions in today's financing industry that can help make this dream a reality," Arrive Home CEO Matt Pettit said. "At Arrive Home, our goal has always been to bring real innovation to the market to expand access to homeownership. The launch of the Earned Equity Program is a huge part of this equation, and we are thrilled to introduce it to the market." LOANDEPOT'S NEW ACCESSONE+ PROGRAM PROVIDES FIRST-TIME HOMEBUYERS WITH DOWN PAYMENT ASSISTANCE l oanDepot, Inc. (LDI), a provider of home lending solutions that enables customers to achieve the dream of homeownership, introduced its new Ac- cessONE+ program, intended to remove barriers and make homeownership more accessible for aspiring homebuyers in underserved communities. AccessOne+ offers up to $9,000 in down payment and closing cost assistance to first-time homebuyers who live in one of 21 eligible census tracts in metropolitan areas, for the purchase of a home anywhere in the United States. It requires only one percent down, and homebuyers with nontraditional credit histories are eligible to apply. "Today's first-time homebuyers are grappling with traditional down payment requirements, high interest rates, and rising home prices creating inequities and barriers that are holding back underserved communities," LDI Mortgage President Jeff Walsh said. "As we continue to unlock access to sustain- able homeownership for our customers, AccessONE+ provides loanDepot with another tool to help more families achieve the American Dream of home- ownership." The 21 eligible census tracts are: » Atlanta-Sandy Springs-Roswell, Georgia » Houston-Pasadena-The Woodlands, Texas » Philadelphia-Camden-Wilmington, PA-NJ-DE-MD » Baltimore-Columbia-Towson, Maryland » McAllen-Edinburg-Mission, Texas » Phoenix-Mesa-Chandler, Arizona » Brownsville-Harlingen, Texas » Memphis, TN-MS-AR » Riverside-San Bernardino-Ontario, California » Chicago-Naperville-Elgin, IL-IN-WI » Miami-Fort Lauderdale-West Palm Beach, Florida » San Antonio-New Braunfels, Texas » Cleveland, Ohio » New York-Newark-Jersey City, New York/Jersey » St. Louis, MO-IL » Dallas-Fort Worth-Arlington, Texas » Oklahoma City, Oklahoma » Tampa-St. Petersburg-Clearwater, Florida » Detroit-Warren-Dearborn, Michigan » Orlando-Kissimmee-Sanford, Florida » Washington-Arlington-Alexandria, DC-VA-MD-WV With the addition of AccessONE+, loanDepot adds to one of the mortgage industry's largest roster of products aimed at increasing home affordability. This is complemented by the Company's holistic suite of digital tools designed to support first-time homebuyers through every stage of the homeownership journey. "The Earned Equity Program has the potential to help a large segment of consumers who are responsible and want to own a home but lack credit solutions in today's financing industry that can help make this dream a reality." — Matt Pettita, CEO, Arrive Home