Down Payment Assistance Facilitator Arrive Home Launched
Social enterprise
Arrive Home, a down payment assistance facilitator offering emerging credit solutions for responsible borrowers in underserved communities nationwide, announced its launch Tuesday.
The social enterprise, based in South Jordan, Utah, seeks to increase homeownership across the country. It will focus on minority homeownership by working with governmental entities, mortgage lenders, and nonprofits to offer innovative and diverse mortgage products, the organization said.
To achieve its goal, Arrive Home offers both a down payment assistance (DPA) program and an earned equity program that enable correspondent lenders to deliver loans to "responsible borrowers who qualify under FHA guidelines," it said.
Its DPA product is paired with an FHA-insured first mortgage and provides borrowers access to a down payment ranging from 3.5% to 5% of the purchase price or appraised value of the home, the organization said.
Arrive Home also leverages cutting-edge technology so that lenders can fully integrate the company’s products into their loan origination systems, granting them flexibility and control of the loan through to closing, it said.
“Through strong leadership and compelling innovation, Arrive Home empowers correspondent lenders with tools like down payment assistance or our Earned Equity Program to better serve minority communities without leaving their LOS,” said Matt Pettit, Arrive Home’s president & co-founder. “Using state-of-the-art technology, we have streamlined our application and submission process to ensure ease of use for our correspondent lenders. With just a few simple steps during the application process and one click to submit a loan, using any Arrive Home product is truly as simple as 1-2-3.”
Tai Christensen, Arrive Home’s chief diversity and public relations officer, said lenders who partner with her organization can feel confident they are helping borrowers find suitable products that will pave the way for responsible and sustainable homeownership.
“Arrive Home seeks to provide down payment assistance and non-traditional credit solutions for aspiring homeowners,” she said. “In some cases, these borrowers have demonstrated their ability to pay through timely rental payments, but they don’t fit the traditional credit box and are therefore unable to utilize most of the available mortgage options in the market.”
“A large portion of minorities in our country are currently shut out of the housing market because of an appalling lack of lending products designed to address their unique credit picture,” she added. “We’re stepping up to help these consumers overcome the greatest single hurdle they face in the path toward homeownership by providing them with a responsible source of financing. We are determined to help underserved minorities and create generational change, one home at a time.”