Released: June 05, 2018
Getting down payment help now. Sharing home’s gain (or loss) later
Source: Tara Siegel Bernard, N.Y.Times (Paid Registration)
For aspiring homeowners, coming up with a healthy down payment has long been the biggest obstacle to owning a home. Now, a small but growing number of home buyers are trying something different: asking an outside investor to put down money alongside them.
It is called shared equity, and Unison, a company based in San Francisco, is the largest of a handful of firms putting it to work. Unison will provide at least half of a consumer’s down payment in exchange for a piece of any appreciation in the home’s value when it is sold. If the home sells at a loss, the company absorbs a share of that, too.
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