September 18, 2006 14:54 ET

New Jersey Financial Investment Company Offers New Rent-to-Buy Program to Help First-Time Home Buyers Live the American Dream

SHREWSBURY, NJ -- (MARKET WIRE) -- September 18, 2006 -- It's something many young couples and college graduates look forward to as they move out of their childhood dwellings and start making lives of their own: owning a home. But, the cost of buying a home these days does not always allow for that dream to become a reality. A New Jersey financial investment company is looking to change all that through an innovative rent-to-buy program for first-time homebuyers.

Financial Investment and Real Estate Management (FIRM Holdings, LLC), based in Shrewsbury, purchases properties at discounted rates and then redevelops the properties for single-family homes and townhouses. A special building incentive program allows first-time buyers to purchase a home with a down payment as low as three-and-a-half percent.

Among the qualifications, a buyer would have to verify income of no less than $3,200 a month, two years of employment and have a credit score of 600. The seller in turn would offer an incentive program, which could include a $10,000 concession to be applied toward closing costs and a reduction in the purchase price of the home. In many cases, the banks involved are willing to offer 100 % financing.

Robert Chiafullo, President of FIRM Holdings LLC, calls the program a win-win for everyone involved. He explains, "The rent-to-buy program offers first-time homebuyers the ability to live the American Dream. With as little as $2,000 down, you can own a home within 12-36 months. That's the same amount you would put down for a security deposit if you were renting an apartment. But, instead, you have something to show for it." Future locations include New Jersey, South Carolina, North Carolina and Florida.

FIRM Holdings, LLC is a corporation that identifies, investigates and acquires real estate for restoration, development and resale. FIRM Holdings utilizes a cash fund, furnished by accredited individuals and corporate investors to carry out real estate transactions. This cash fund is leveraged through a bank and secured by CDs and money market accounts from company investors. The investors return is in the form of a percentage of profits from the company's real estate transactions, in addition to the interest accrued from a special rate CD/money market account.

For more information, call 732-993-3001 or visit

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