SAN FRANCISCO & PHOENIX--(BUSINESS WIRE)--Unison Home Ownership Investors, the leading provider of home ownership investments, and Goldwater Bank announce the expansion of the “Five Percent Down” payment program, in conjunction with an 80 percent LTV mortgage, for the residential real estate market. Previously only available on the East Coast with Valley National Bank, the new partnership expands the reach of this first-of-its-kind program to the West Coast and Midwest – making it available in 11 states.
The “Five Percent Down” program, part of the Unison HomeBuyer program, combined with Goldwater’s lending products, enable buyers to purchase a home in competitive, high-cost markets without having to come up with the substantial 10 or 20 percent down payment – which can be too high for some buyers. The program also avoids the need for mortgage insurance, which is typically required when a buyer has less than 20% for a down payment. Now, with the buyer putting down five percent, Unison contributes the remaining 15 percent as funds at closing, bringing the total down payment to 20%. In return for the investment, Unison shares in the change-in-value of the home – up or down. If the home appreciates, Unison and the homeowner profit; if the home depreciates, both lose together.
“Most people in the country are locked out of the housing market because they just don’t have enough money to put towards a house,” said Raj Dosaj, Unison’s Managing Director of Business Development. “Unison’s HomeBuyer program gives them the option to not only purchase a house with 5% saved for a down payment, but also to limit their loan to 80%. This means that more families can move beyond the uncertainty that comes with renting and buy the house they’ve been dreaming about.”
For the home buyer, being able to put 20% down on their purchase means:
- No costly private mortgage insurance
- Lower monthly mortgage payments
- Increased purchasing power
- The ability to keep more cash on-hand
- More access to a more expensive/dream home
For more information on the program, please visit https://www.unison.com/.
About Unison Home Ownership Investors:
Unison is modernizing the home financing marketplace through long-term co-investment partnerships. The company works with select institutional investors to integrate home ownership investing into the U.S. housing finance system. The Unison HomeBuyer program helps purchasers buy the home they want with less debt and risk, typically by doubling the down payment. The Unison HomeOwner program provides existing homeowners with cash without the added debt or payments of a home equity loan or HELOC. Headquartered in San Francisco, Unison operates in 22 states plus Washington D.C. For more information, visit https://www.unison.com/.