Frequently Asked Questions

• What is the Woodbury Equity Earner program?
  
  Woodbury's Equity Earner program is a benefit for loyal Woodbury Communities residents.  It helps residents, who wish to purchase a home, realize their home ownership dreams by awarding rebates and offering mortgage closing cost discounts through our participating partners.
  [back]
   
• How do I qualify for the Equity Earner program?
  
  As a current resident of a Michigan Woodbury Community, you are automatically eligible, provided your account is in good standing and you have fulfilled all your lease obligations.
  [back]
   
• When do I start earning credit towards my rebate?
  
  Rebates are awarded based on your length of participation as of the inception date of the Equity Earner program:  June 1, 2003.
  [back]
   
• Will participation in the Equity Earner program raise my rent?
  
  No, the rebates are a bonus for loyal Michigan Woodbury Communities residents who have maintained their account in good standing and have fulfilled all their lease obligations.
  [back]
   
• Can each leaseholder earn a rebate?
  
  Yes, each leaseholder is eligible for an equal rebate as long as they make  separate purchase transactions upon move-out (program credits expire 90-days after move-out).
  [back]
   
• What happens to my rebate if I move to another community?
  
  Your rebate will continue to accumulate as long as you move to another Michigan Woodbury Community.  Once you move out of a Woodbury Community, you have 90-days to use your rebate before it expires.
  [back]
   
• Can I use any Realtor, Builder or Mortgage Lender?
  
  No, in order to take advantage of the rebates and mortgage closing cost discounts offered through the Woodbury Equity Earner program, you must use the services offered by our participating partners.
  [back]
   
• Can I use a Real Estate Broker when purchasing a new construction home?
  
  No, your equity rebate can not be used if a Real Estate Broker  is receiving a commission as part of your new construction purchase transaction.
  [back]
   
• When will I receive my rebate?
  
  You will receive your equity rebate within 30-days after the closing date of your purchase transaction, or within 30-days after the completion of your lease obligations, whichever is later.
  [back]
   
• Can I use my rebate as part of my down payment?
  
  No, since your rebate is not paid until after closing, it will not be available for use as part of the down payment on your home.
  [back]