FREDDIE MAC PARTNERS WITH DEVELOPMENT AUTHORITY OF RICHMOND COUNTY, GEORGIA AND THE AUGUSTA NEIGHBORHOOD IMPROVEMENT CORPORATION ON A LEASE PURCHASE PROGRAM

The Development Authority of Richmond County, Georgia and the Augusta Neighborhood Improvement Corporation are partnering with Freddie Mac to create a lease purchase home ownership programs for the residents of Richmond County. The Lease-Purchase Program is designed to assist persons desiring home ownership that do not currently meet the normal requirements for conventional mortgage financing. The Lease Purchasers inability to qualify for home ownership may be due to insufficient equity for typical down payment and closing costs or their current credit profile may lack sufficient references or include derogatory items. This Lease Purchase Program addresses these problems by providing the equity for the down payment and closing costs and by permitting the lease period to be used to establish or reestablish the Lease Purchaser’s credit reputation so that at mortgage assumption the Lease Purchaser will meet normal credit criteria for a conventional loan. A closing date for the Development Authority of Richmond County, Georgia and the Augusta Neighborhood Improvement Corporation program has not been scheduled. For information on this Lease Purchase Program or other Lease Purchase Programs please contact Freddie Mac or us.