Builder markets to renters

Owning a home seemed like a dream Afton and Megan Barger couldn’t reach.

The married couple had spent a year looking for a house to buy, but many of the homes they found were outside of their budget, and Afton’s credit score was too low to be approved for a loan.

Then they received a flier in the mail that gave them hope.

“It said $650 a month for a mortgage and I thought, ‘Are you kidding me?’” Afton Barger said. “That’s half of what we paid for rent at our apartment.”

So the Bargers called the number on the flier and made an appointment to visit LGI Homes’ Glennwilde development in Maricopa.

When the couple arrived, sales representatives asked them about their interests, provided information about the city and took them out to see the neighborhood.

Instead of looking at models, the Bargers saw actual houses for sale. Also, every house came standard with upgrades such as granite countertops and tile floors.

The couple was sold. And in just more than two months, the Bargers raised Afton’s credit score by 120 points, were approved for a mortgage and — on July 13 — had the keys to their own home.

“My wife and I look at each other two or three times a week and say ‘I really just can’t believe we finally have a house,” Barger said. “It’s the most amazing feeling to wake up and have coffee and not hear people slamming their doors or playing the stereo loudly.”

The Barger’s story is not uncommon — especially in Glennwilde. According to LGI Homes, all of the 80 homes that have sold in the Maricopa community to date were purchased by people who were either renting or living with family members or friends.

LGI Homes focuses specifically on selling homes to people who are renting. Belfoire Real Estate Consulting named it in the top 10 selling subdivisions in Phoenix-area submarkets, such as Queen Creek, Surprise and Gilbert, in October.

“We’ve been a homebuilding company for 10 years and helping the people who are renting has always been our goal since inception,” said Chris Kelly, southwest division president of Texas-based LGI Homes.

To make the process easier for first-time homebuyers and renters, Kelly said LGI homes provides the total monthly cost to own the home up front to prospective buyers. The dollar amount includes the HOA fees, property taxes and homeowners insurance.

Also, the company provides free credit counseling and works with Scottsdale-based imortgage to educate buyers on federal loan program options they can qualify for.

“There are no surprises and no sticker shock,” Kelly said.