Q: What is the HOME program?
A: The HOME program is a combined effort Fairfield Properties has designed with a national real estate company, The Realty Associates L.L.C., to assist Fairfield residents with saving for home ownership. The HOME program is provided by The Realty Associates and they are solely responsible for the rebate provided to you upon your home purchase.
Q: Is there a fee for being enrolled in the HOME program?
A: No, there are no fees associated with HOME enrollment.
Q: How are credits earned? How soon will I begin accruing credits?
A:
Credits are earned after enrollment, upon clearance of each month's rent check received by Fairfield Properties. The credit accrual amount is equal to 10% of your monthly rent payment (excluding expense reimbursement and utility expenses) and shall never be payable directly in cash to a resident.
Q: How are the HOME credits redeemed?
A: The HOME credits are funded at closing as a portion of an earned commission by The Realty Associates; therefore, it is required that The Realty Associates represent the buyer as their only real estate agent in the transaction. Credits are only available if renting from a Fairfield Properties community at the time of your home purchase.
Q: What is the maximum rebate available in the HOME program?
A: If purchasing a newly constructed home, the maximum rebate available is equal to 1% of the sales price. For the purchase of existing homes, the maximum rebate available is equal to .05% of the sales price. In no case may the credit amount exceed 1% of the total sales price of the home.
Q: Will my enrollment in the HOME program ever be terminated?
A: Participation in this program will remain in place as long as you are a resident at a participating Fairfield community. The HOME program will terminate and all credits will be forfeited upon failure to fulfill your lease requirements or by eviction from the community. Fairfield Properties has the right to terminate this program at any time at its sole discretion. If Fairfield Properties sells the community at which you reside, the accrual of credit may cease as of the sale date. However, your enrollment in the plan will not terminate as a result of the sale as long as residency at the same community is maintained. Your enrollment in this plan will be valid up to 12 months after the date of sale.
Q: If I move to another Fairfield community, will I be able to keep my existing credits?
A: Yes, if you move from one Fairfield community to another, you will be able to keep your existing credits and you may continue to accrue credits at your new Fairfield residence.
Q: Can I purchase a home anywhere in the U.S. using my credits?
A: Yes, The Realty Associates can provide you with service anywhere in the U.S.
Q:
If I have a roommate, how are the credits separated?
A:
The credits shall be split between roommates equally.
Q: Where can I go to find out more information regarding my HOME account?
A: Log on to FFRESHome.com to check the balance of your credit accrual status and to find a participating, licensed agent in your area. You may also contact The Realty Associates directly at: 877.360.1604.
Q:
Can HOME credits be applied to condos or town home purchases as well?
A:
Yes, HOME credits can also be used toward the purchase of a condo or town home. |
