Kairos, the company behind the Bilt Mastercard, says it’s partnering with landlords to help provide “every young person a path to homeownership” by allowing them pay their monthly rent with the card and apply the points they earn to a down payment on a home.

A credit card provider says it’s partnering with landlords to help provide “every young person a path to homeownership” by allowing them pay their monthly rent with a credit card, and apply the points they earn to making a down payment on a home.

Kairos, the company behind the Bilt Mastercard, says it’s partnered with landlords of 2 million rental units to launch Bilt Rewards, “the first rewards program that allows renters to earn points on rent” and “renting-related events” like signing a lease or referring a tenant.

Kairos said participating landlords include AMLI Residential, AvalonBay Communities, Blackstone, Camden Property Trust, Cushman & Wakefield, Equity Residential, GID-Windsor Communities, Lennar Corporation, The Moinian Group, Morgan Properties, Related Companies, SL Green Realty Corp., Starwood Capital Group, Trammell Crow Residential, and Veritas Investments.

Kairos claims Bilt is “the first company to win regulatory approval to redeem points towards down payments on home mortgages through Fannie Mae and the Federal Housing Administration.”

A spokesperson for the U.S. Department of Housing and Urban Development, which oversees the FHA, says it’s aware of the company, but does not provide such regulatory approvals.

“We exchanged written communication with this organization relative to the funds being an eligible source of downpayment assistance according to our policies,” a HUD spokesperson told Inman via email. “However, FHA is not a banking or credit card regulator, and does not provide regulatory approvals nor does it approve downpayment assistance programs.”

Fannie Mae provided a similar statement: “Fannie Mae provides guidance to its lenders that credit card reward points converted to cash and deposited into the borrower’s depository account are an eligible source of funds for closing a mortgage transaction. Fannie Mae does not provide regulatory approvals, nor do we approve any specific third-party programs.”

Kairos did not respond to Inman’s request for comment.

Editor’s note: This story has been updated to include a response from Fannie Mae.

Email Matt Carter

HUD | mortgages | rentals
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Don’t miss out! Inman Connect Las Vegas starts tomorrow and you can catch all the excitement with a virtual ticket.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription