Home builder introduces mortgage protection plan


 Daily News-Sun -- Following in the footsteps of new car sales incentives, Ripson Homes, based in Scottsdale, is enticing home buyers to its new subdivision with the offer of covering up to $2,900 of their mortgage, utilities and groceries for six months should they be laid off.

The offer is good at Sonoran Acres, a development just outside of Surprise at Grand and Patton roads. The community features 2,200 to 3,500 square-foot semi-custom homes on 1-acre lots that range in price from $265,000 to $355,000.

"We've all heard about the bank bailout, the Wall Street bailout," said Ripson Homes CEO Mike Ripson. "We thought it was about time for a bailout of the average home buyer."

The "Ripson Homes Lifestyle Protection Program" is available to home buyers in Sonoran Acres who purchase by June 1.

The program offers "a safety net," Ripson said, for the home buyer waiting on the sidelines to buy who may be afraid to make the commitment because of the economy.

"We just launched the grand opening and had an overwhelming response, but sensed the buyer in the marketplace is a little gun shy, sitting on the sidelines," he said. "And we think a large reason for that is uncertainty of the economy."

Sonoran Acres had its grand opening the second weekend of April. But Ripson said they have yet to make the first sale of the 118 lots.

To help those potential buyers, Ripson is offering the program to help cover the cost of mortgages, utilities and groceries for six months for home buyers who become involuntarily unemployed before Jan. 1, 2011.

The program covers monthly mortgage payments up to $2,500 and $200 each for groceries and utilities.

Sonoran Acres is the first subdivision built by the 8-year-old company, which specializes in custom homes. One model home is open on the weekends at Sonoran Acres from noon to 5 p.m., or by appointment.

For information go to www.RipsonHomes.com or www.SonoranAcres.com or call 1-877-OWN 1 ACRE or 1-877-696-1227.

Joy Slagowski may be reached at 623-876-2514 or jslagowski@yourwestvalley.com.

 Daily News-Sun
Link to story on Daily News-Sun Website
Joy Slagowski
April 28, 2009 - 10:07AM