General Facts Costs of Trio Why Choose Trio Intro Videos Back to Resources

General Facts

+-Do I get to choose my own house?

Yes! We want you to go through the full home buying experience. That starts by shopping for the right home in your preapproved price point with a trained Trio agent.

+-Is Trio pet friendly?

Yes! We defer to local ordinances and HOA guidelines.

+-How long is a Trio lease?

Our homeownership program defaults to a 3-year lease. You can transition from the lease to homeownership any time, with most customers purchasing after two years in the program. Some of our customers request and are approved for extensions on their leases.

+-What can I expect during the Trio lease?

See our “Living with Trio” section for more info!

+-How do I get started?

Qualifying with our program is easy! See if you qualify using our self-assessment tool, then proceed to our FREE application. Once we have all the necessary information, you can receive your preapproval and start shopping within a few days.

+-What is the monthly payment I qualify to finance with Trio?

In most cases, the maximum payment you can qualify with Trio is going to be 38% of your gross household income (if you’re in a higher income household, this number may differ). Let’s break it down: if your gross household income is $5,000, you’re looking at a maximum payment of $1,900 ($5,000 x 38%). If you’ve got other debt obligations, your approved payment could be limited. Trio approves payments to a maximum of 50% of your gross household income less your other debt obligations (this info is generally obtained from your credit report), or 38%, whichever is less.

+-Does Trio make exceptions or limit approved monthly payments?

If you’re balancing fixed obligations – think car payments, credit card payments, student loans – your approved maximum payment could be limited. However, if you’ve got a nice chunk of savings, have a higher household income, and/or are boasting a healthy credit score, increased monthly payments are likely in your future. Trio works hard to ensure we approve you for a payment that’s within your means. Check out our handy payment estimator for a read on your current situation.

+-What home price will I qualify for?

Use our mobile app or head over to Trio’s payment estimator and enter in your information to find your estimated monthly payment and home price.

+-How do I document my income if I’m self-employed or own my own business?

Easy peasy. Gather your prior year tax returns, your current profit and loss statement, and a copy of your most recent three months business bank statements, and send on over to us. You got this.

+-We have multiple people in our household. Do we all need to apply and sign the Trio financing agreement?

Anyone over 18 who will be living in your Trio financed home has to apply to Trio. They will also need to sign your Trio financing agreement and are individually responsible for the terms of your financing.

+-I already own a home. Can I still qualify for Trio?

If you are a current homeowner, you can qualify for TrioSelect. Your income will need to support both homes, less any rental income. Trio may make an exception for you to qualify for TrioFirst if you’re relocating for a job, or for family purposes. Want to learn more about TrioFirst? Check out TRIO PROGRAMS for details and restrictions.

+-How much time do I have to finance a home after I am approved?

Once you’re approved, you have 90 days to finance a home before your approval expires. To update your approval, you’ll need to provide updated credit scores, income and reserve documentation.

+-What are my options at the end of my lease?

Similar to having an auto lease, with Trio, you have the option to buy, sell, trade in, or above all, the freedom to move on. Move in and purchase, or move out and move on. You’ll have time to make the right decision, and the peace of mind in knowing that whatever you decide, you won’t be penalized for it. If you decide that you are ready to buy, you can do so any time, without penalty, and with the low option price that’s included in your Trio lease. But, if you decide to exchange or move on, you can do that too. Check out How Trio Compares for more info.

+-Is my payment fixed with Trio?

Yes! Your fixed payment only goes up during your lease if the property taxes, homeowners insurance, homeowner’s dues, or other similar costs increase – similar to how escrow accounts for a mortgage. Your monthly payment is based on the cost of the home you select. If you’re looking to score the lowest payment, you’ll want to negotiate the best price in comparison to market value. You can also look for new homes with seller incentives. Estimate your Trio payment here.

To top it off, as part of your Home Purchase Assistance, Trio credits a portion of your on-time monthly lease payment toward your purchase.

+-How do I lower my monthly payment?

Much like an auto lease, Trio gives you the option to reduce your monthly payment up front. Want a lower monthly payment than Trio provides in your estimate? Just let us know. We’re ready to help you manage your payment through our buy-down program. Plus, many TrioReady homes may have lower payments built in due to seller discounts or incentives.

+-When will I know what my Option Price is?

When you sign your lease with Trio, you’ll be locking in your ability to purchase through your purchase option. Your future option price is set based on factors like the number of years in your lease, the value of your home, and the market in which you live. If you are going with TrioFirst, your net option price after home purchase assistance will be set as low as just 1% above the home price, plus initial costs – depending on your income. If TrioSelect is more your bag, your net option price starts at just 2.5% per year. Since most housing markets go up on average by 7% per year, Trio’s programs are designed to build future equity when you’re ready to buy. Get an estimate of your Trio option price here.

+-Can I help keep my Option Price low?

Yes! The lower the home price up front, the lower your option price. Sounds simple, right? That’s because it is. Trio sets your option price based on the negotiated home price at the time of purchase, plus costs to close and make your home move-in ready for you. Trio asks for a 3% closing costs concession from the seller for your benefit. If the negotiated home price is less than 97% of the appraised value, your monthly payment is reduced in addition to your option price. On the flip side, if the negotiated home price is above 97% of the appraised value, your monthly payment and up-front costs could go up. Be sure to keep that in mind as you’re selecting your home and negotiating your price to finance with Trio.

+-When do I have to decide if I’m going to buy or not?

We are flexible. Just let us know 90 days before the end of your lease whether you plan to purchase, exchange, or move on. If you’re opting to purchase, then you’ll work with our preferred lenders to get you on your way. If your path is to exchange or move on, our home care team will be there to provide you with a move-out schedule and a helpful guide to assess wear and tear. And, if your mortgage advisor says you need more time, we may be able to extend your lease.

+-How does it work if I need to move out?

We know that life changing events can happen, usually when you don’t plan on them. If this is the case for you, let us know and we’ll see what we can do to help. If it’s after 24 months, simply provide us 60 days’ notice and we will work with you to help you move on. If you need to move out before the end of 2 years, we can help with Trio’s Sublease Program, yet another unique customer benefit offered by Trio. We will market your home and find a new occupant, for a small fee. And, good news for you: if the new occupant qualifies, they can be a substitute for you and release you from your lease obligations!

+-Can I exchange my Trio house for another one?

Under TrioSelect, if you decide that you’re not ready to own at the end of your lease, just ask us to Exchange. Trio Exchange lets you lease, earn purchase discounts through Trio’s Home Purchase Assistance program, and purchase the right home when you are ready. With Trio’s Exchange program, you can then select another Trio qualified home and choose to finance with Trio. Your earned Home Purchase Assistance under TrioSelect will be rolled over to your next home. Plus, you’ll be discounted your inception fee on your next home. If this is your first home, or if you’re one of our dedicated members of the military, or part of our country’s growing mobile work force, this option was built for you.

Have other questions? Feel free to contact a Trio service representative to get more details. Call us at 855-873-8746.

Back to Resources