Down Payment Assistance Program

The program offers all eligible Tricon residents a chance to make progress toward their homeownership goals while living in a Tricon Residential home. It is designed to reward long-term residents and transition them, when they choose, from rental living to homeownership. Eligible residents can take comfort in knowing their rent tenure could help them achieve the goal of homeownership. The $5,000 contribution is a gift and not a loan, so no payback is required.

After you have been notified by Tricon that you have been selected to participate in the Down Payment Assistance (DPA) Program, you must notify Tricon Residential as early as possible in the home buying process to initiate the DPA Program and confirm eligibility. If you express interest in participating in the DPA Program, you will receive a consultation with a Tricon Residential representative who will carefully detail the steps to receive the funding. Participating residents must execute a purchase and sale agreement within three months of moving out of their Tricon Residential rental home and complete the home purchase within six months of their move-out date.

You will receive your funds through Tricon’s DPA Program Administrator. The DPA Program Administrator will wire the funds directly to your purchase escrow prior to completing the purchase. It is critical that you notify Tricon early in the process so your lender can coordinate with the DPA Program Administrator and reserve the funds. It will typically take 30 days or more for your lender to complete the required verifications for the Down Payment Assistance

To assist with the process, Tricon Residential familiarized Total Quality Lending (TQL) with Tricon Residential’s DPA Program. TQL can assist with your loan prequalification and handle the necessary coordination with the DPA Program Administrator. If you would like to speak with TQL, their contact information is as follows:

Total Quality Lending
Brian Spunaugle
714 676 8920
triconresident@tqlend.com

Residents are not required to use TQL as their lender, but all participating lenders must be a licensed mortgage lender and have an active number assigned by the Nationwide Mortgage Licensing System & Registry (aka “NMLS Number”). In addition, lenders are required to be approved by Tricon Residential’s DPA Program
Administrator by completing its lender enrollment process. This will allow your lender to make a gift reservation with Tricon Residential’s DPA Program Administrator, who will then issue a gift letter on your behalf to your lender. If choosing to use a lender other than TQL, Tricon Residential encourages residents to make their lender aware of this process during the initial prequalification to avoid delays to your transaction.

Administrator and reserve the funds. It will typically take 30 days or more for your lender to complete the required verifications for the Down Payment Assistance