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Builders Center of Chicago (BCC) created the Road to Ownership Program to help buyers who are unable or unwilling to buy a home today.
The BCC Road to Ownership Program allows renters to accumulate equity toward the purchase of a BCC property simply by paying their monthly rent. The renter can then use that equity as a down payment for purchasing their home. (Equity is the value in a home that an owner can keep after it is sold)
For no extra cost, BCC provides expert financial advising for all Road to Ownership participants. BCC Financial Advisors work with program participants to raise their credit rating and secure a mortgage.
The Road to Ownership Program is custom designed for each participant.
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How the Road to Ownership Program Works
John dreamed of buying a home. However, he thought it would be impossible to buy. You see, John had bad credit and no money for a down payment. Luckily, John heard about the BCC Road to Ownership Program and applied online.
After applying and choosing a home through a BCC realtor, John met with a BCC expert Financial Advisor, Meredith, who told him that he could easily purchase a home through the Road to Ownership Program. John and Meredith picked out a condo, locked in a price and decided that 1/3 of John’s monthly rent would go toward equity. Meredith also counseled John how to raise his credit rating.
After just one year of enrollment in the Road to Ownership Program, John increased his credit score, earned $5000 towards a down payment, and secured a mortgage. Today John owns his home.
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