A homeownership program has already helped one Wilmington family seal the deal on their dream home -- but experts say it’s not a program that everyone can benefit from.
The problem was the couple’s financial situation. After pandemic-related hardships, they were newly self-employed. Although their jobs as social media content creators had led to a steady income, they hadn’t been doing so for long enough for mortgage lenders to be willing to work with them.
Landis is a homeownership company that will put down cash offers for homes priced between $110,000 and $500,000 and move-in ready. To qualify, applicants have to have a minimum credit score of 550 and a minimum salary of $30,000.
Participants in the program get up to two years to rent from Landis but can buy back the home at any time they feel ready. In the meantime, Landis coaches the participants on how to ready their finances for homeownership while also putting a portion of the rent payments aside for a down payment.
Michaela Haberer said: “The true cost of the program is when the clients purchase it back, it’s three percent above original appraised value…
If we buy a house in cash for $200,000, when the client buys it back anywhere between the next day and 12 months later, it’s three percent higher than the original appraised value, making it $206,000.”
This program has helped a lot of people, so maybe it’s worth looking into it for yourself?
Meanwhile, Philadelphia is slated to receive $11.8 million in additional funding for its touted Emergency Rental Assistance Program, an initiative launched more than two years ago to help renters and landlords financially burdened by the coronavirus pandemic.
The Pennsylvania Department of Human Services will soon send $6.9 million to the city as part of a larger reallocation, the second of its kind this year. A total of eight counties, including Montgomery and Delaware, will receive more than $19 million for rental assistance.
In the coming weeks, the U.S. Department of Treasury will be sending the city $4.9 million for the initiative.
All of this new funding must be obligated by the end of September. This is the first tranche of new program funding for Philadelphia in roughly four months.
The city doesn’t expect the money to last long — likely less than two weeks in total. The funding is expected to help more than 2,600 households, according to an online dashboard for the program.
To date, the city has approved nearly 27,000 applications during Phase 4 of the program, according to the dashboard. Another 16,000 applications have yet to be reviewed.
Since launching in May of 2020, the initiative has disbursed more than $272 million to more than 42,000 households.
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