How would you like to SAVE a percentage of your rent each month to apply towards a purchase of a new home? Simpson Property Group offers you the next best thing if you are thinking of purchasing a newly constructed single-family home. Joining our SAVE Program allows residents to automatically accrue a reserve equity credit of 20% of their monthly rent every month they lease an apartment home from us. This reserve credit can become as much as 2.5% of the purchase price of a newly constructed single-family home from a participating builder!
SAVE FAQ
Q: What is the SAVE Program?
A: SAVE stands for Start Accruing Valuable Equity which allows residents of a participating SPG community (offered in Arizona, Colorado, and Texas) to accrue as much as 20% of the monthly rent in the form of a reserve credit. The program pays up to 2.5% of the purchase price of a newly constructed single-family home from any of our participating builders.
Q: Why is SPG offering the SAVE Program?
A: Owning your own home is the American dream! Our demographics indicate that over 40% of our residents who move do so because of the purchase of a new home. Simpson Property Group would like to help residents achieve this dream through the SAVE Program.
Q: How is my equity calculated?
A: As a SAVE member you will immediately begin receiving your SAVE reserve credit each month you live at a participating SPG community up to the maximum credit of 2.5% of the final purchase price. You must live in a SPG community a minimum of 180 days in order to qualify, after which the program becomes retroactive from the first day of the month you enrolled.
Example:
If your rent is $900 per month:
Reserve per month (20%): $180
Months of residency: 12
Accrued reserve: $2,160
If you purchase a $200,000 home, your accrued credit on this home is $2,160.(Maximum cap of 2.5%)
$200,000 x 2.5% = $5,000 is the maximum credit you may receive by the builder.
Q: How can my equity be used?
A: Your SAVE reserve will be used towards the purchase of a newly constructed single-family home from any of the participating builders (see the list of quality new homebuilders.) The amount in your reserve account is credited by the builder at closing and can be used in a number of ways, for example: as closing costs, points, upgrades or allowable concession. These options may vary according to each builder.
Q: What if I move, transfer, or leave the area before I use my reserve?
A: Your SAVE reserve remains in force as long as you are a SPG resident in an active lease and your account is in good standing. The SAVE Program may be offered by SPG in another region. If you move to another participating SPG community, throughout the USA, then your SAVE reserve may be transferred. The program may vary by region.
Q: Can I purchase a new home in any area?
A: SPG has a selection of the finest builders in the area participating in the SAVE Program. You are offered homes in many styles, price ranges and neighborhoods. Since this program is made possible by the cooperation of these fine builders, you must purchase a newly constructed home from a participating builder to qualify for your reserve credit.
Q: What if I share an apartment home with a roommate?
A: We offer a very generous incentive to roommates. Each roommate who wishes to participate can do so individually. As individual enrollees, each qualified roommate can accrue full reserves at the rate of 20% per month of the total allowable rent up to 2.5% of the purchase price of a qualified newly constructed home from a participating builder.
Q: Am I automatically qualified to purchase a new home?
A: Just like any other homebuyer, SAVE Program members must qualify for financing. The participating homebuilders will help guide you with the financing process.
Q: Do I have to use a real estate agent?
A: As a buyer, you will have the freedom to visit and deal directly with any of the participating homebuilders' representatives and their many communities. If you choose to use a real estate agent or broker other than the one provided by the participating Homebuilder you will be responsible to pay any related fees.
Q: Can I use my SAVE reserve for anything I want, like paying bills?
A: Your SAVE Program reserve can only be credited to you by the participating new home builder at closing in the form of closing costs, points, upgrades or allowable concessions. It cannot be used for anything outside the "Purchase of Sale" agreement that you sign when you purchase a newly constructed home.
Q: How do I go about purchasing a new home when ready?
A: Simply call or visit the communities you have selected from the participating builders list. Be sure to identify yourself as a member of the SAVE Program and present the builder's agent with your SAVE card. The agent will be happy to answer any questions you may have regarding their homes and community. Typically, one or more model homes are available for you to tour.
Q: Once I have found a home to purchase, what do I need to do?
A: In some cases, the builders' agent may sit down with you to prepare the purchase and sale agreement and have you leave a deposit to get the process started. The builders' agent will contact our office to verify your eligibility in the program and the amount in your reserve.
Q: Will I pay more rent than residents who chooses not participate?
A: SAVE Program members pay a small $40 registration fee. This is the ONLY cost. You will pay the same market rent as non-participating residents.
Q: How many homebuilders will SPG use?
A: The SAVE Program is limited to 3-5 new homebuilders per market. The homebuilders have been selected based on quality, the variety of locations and the wide range of home prices offered.
Q: Will a leasing consultant help me choose a new homebuilder?
A: The SAVE Program representatives will not give out specifics about homebuilders, their products, or any financing/lender related questions. These types of detailed questions should be directed to the homebuilders' sales agent and/or the Lender/title Company.
Q: How does this program relate to my apartment lease agreement?
A: This program is subject to all terms and conditions of your lease agreement. The program may or may not run concurrent with your lease term.
Q: How do I become a member and Start Accruing Valuable Equity?
A: Enrollment of the SAVE Program will take five minutes. Simply fill out an application for enrollment and return it with your $40 registration fee. Your SAVE card will be sent to you in the mail after your application is processed.
