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HomePact

Pilgrim Mortgage HomePact

Pilgrim Mortgage HomePact is an alternative path to homeownership. It lets you move into the home you choose today, build equity with every payment, and move into a traditional mortgage when you’re ready to qualify.

how it works:

  1. Pick your home. You choose the house you want.

  2. Our partner agency buys it. Instead of you taking out the loan, our partner agency purchases the home with FHA financing.

  3. Move in. You sign a long-term homeownership agreement and move into your new home.

  4. Build equity. You make monthly payments. Each one lowers the amount you’ll need later to take full ownership.

  5. When you’re able to qualify for financing, you can: Assume the loan: Take over the existing FHA loan on the home. Refinance: Get your own mortgage in your name. OR Pay it off: Pay the remaining purchase amount. Any of these puts the title in your name, and the home is fully yours.

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Pilgrim Mortgage HomePact might be a good fit for you if you:

  • are self-employed

  • receive 1099 income

  • recently started your own business

  • have strong income, but significant tax write-offs

  • have had credit challenges in the past

  • have an ITIN, a visa, or other documentation that makes a traditional mortgage difficult

  • can comfortably afford a home payment, but haven’t qualified through traditional financing

Frequently Asked Questions

Is this the same as renting?
No. Rent payments don’t build anything for you. With HomePact, your payments reduce the amount you’ll need to pay to take full ownership, so you’re building equity as you go.

Do I own the home right away?
You have an ownership interest through your agreement, but legal title stays with our partner agency until you assume the loan, refinance, or pay off the remaining amount.

Who picks the house?
You do.

What if my credit isn’t perfect?
HomePact was designed for buyers with past credit challenges. Reach out and we’ll talk through your situation and goals.

Let’s talk about your situation and see if Pilgrim Mortgage HomePact could be your path home.

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