Here’s what you should know about PrimeLending’s exciting new down payment assistance product, Unison.

Not a lot of consumers are aware of the product I’m sharing today, especially first-time homebuyers. There are a variety of down payment assistance programs(1) available across the country, so exploring them all can be confusing. The specific type that I’m highlighting here acts like shared equity, and here’s what I mean by that: 

Let’s say you’re looking for a home and happen to come across one that’s a little bit too expensive; your down payment would naturally have to be greater. Typically, consumers shy away, settle for something more affordable, and adjust to less square footage. 

“Unison is one of the most amazing products on the market now.”

What if your heart is set on that larger house? Maybe you just can’t pass up its unique layout. Believe it or not, you do have options. PrimeLending currently offers a program called Unison, which matches your down payment. For example, if you come to the table with 10% down (which, by itself, would not be enough for this larger home), Unison will come in and match that 10%. Well, what’s the benefit of this, and how does it work? Here are some points to know: 

1. It gives you more purchasing power on the market. Where you once saw upfront costs as barriers blocking you from your perfect home, you now see possibility. 

2. Unison wants to be a shared equity partner with you. They match your down payment up to 10%, helping you close on the home. Then, in three years or more, you would only have to pay PrimeLending a percentage (30%) of the amount by which your home has increased in value in order to pay them out. 

In other words, you get to enjoy the house, and there’s no interest accumulating or payments necessary in the meantime. Also, you don’t have to pay them out after three years. You can keep the shared equity for the entire life of the loan or until you sell the home, at which point you would pay them out at the required percentage. 

This product is on the market for the consumer’s benefit. Do note that there are a lot more details involved, but the bottom line is that Unison is one of the most amazing products out there on the market right now. 

For more information on this product, please contact us here at PrimeLending. We’re always happy to get you up to speed on everything we have to offer.

Disclaimers

(1) Certain restrictions apply. Not available in all areas. Please contact your PrimeLending loan officer for more details.

* Unison is an independent investor and is not affiliated with any bank or lender. Unison offers its products with a variety of lender partners, as the lender partner offers programs without Unison deals. Each of the Unison programs and lender programs may be used independently of each other. Unison HomeBuyer Agreements and Unison HomeOwner Agreements are provided exclusively by Unison Agreement Corp., a wholly-owned subsidiary of Real Estate Equity Exchange, Inc., dba Unison. Certain restrictions apply. “Unison” is a trademark of Real Estate Equity Exchange, Inc.