I read this story on Housing Wire last week released a story based on a survey of renters nationally. Only 26% of renters with leases expiring in the next 6 months are likely to renew their lease. 36% of renters are not likely to renew their lease. And 38% are somewhat likely or not sure currently. Renters who pay more than $1750 a month are the least likely to renew at just 18.7%.
Why do I tell you this? There is an opportunity for us to attract these renters to homeownership. And I have been successfully using the MetroDPA loan program this year to help people buy a home with NO down payment. And this program can even help people pay some of their closing costs too. And MetroDPA offers better rates than CHFA. PLUS, their second mortgage is completely forgiven in 3 years if the home buyers live in their home for 3 years and make their first mortgage payments on time. Thus, after 3 years this program acts like a grant or gift.