RNB PHILLY LISTEN LIVE BANNER
WRNB Featured Video
CLOSE
US-ENTERTAINMENT-GOVERNORS-AWARDS

Source: ROBYN BECK / Getty

Jay-Z, Will Smith and a group of other investors are teaming up to form a startup that helps renters build their credit until they can afford to buy their own home.

They are raising $165 million which equates to about 1,000 homes.

How it works is the startup buys the home and then rents it to the client until they can qualify for a mortgage.

The client can buy it back at a predetermined price up to two years after the initial acquisition.

If after two years the renter is not ready to buy the home they can request more time.

Also On 100.3 R&B and Hip-Hop - Philly:
Official List Of All Celebrities With The Coronavirus
Coronavirus
62 photos