Down Payment Assistance
Double Your Down Payment
With Good to Go Mortgage Down Payment Assistance you can:
- Double Your Down Payment
- Make No Monthly Payments
You can have your dream home. Less risk. Lower your debt. You can double your down payment to eliminate the need for PMI, pocket more cash, or buy more house.
Down Payment Assistance with Funds for 30 years
Good to Go Mortgage will arrange for an investment fund to invest in your property. The investors are pension funds and university endowment funds looking for very long term investments. When you sell your property, or after 30 years, you return their initial investment. You also provide some profit (or loss of your house has decreased in value) representing the percentage they invested. If you want, you can apply for an extension after 30 years.
No Interest and No Monthly Payments
Down payment assistance through Good to Go Mortgage is not a loan program. There are no monthly payments and there is no interest charged to you.
The down payment assistance becomes an investment in your property that a long term investment fund shares with you. The fund shares the risk with you. They hope your property will increase in value, just like you do. But, if it decreases in value, they lose some of their original investment, too.
How Much Down Payment Assistance Can I Get?
You and your chosen property will qualify for a specific amount of down payment assistance. You are free to choose how much of that total you would like. The range is anywhere from 5% to 20% of the market value of your home. This will be based on a professional appraisal.
How is it Decided When the Agreement is Over? Can I be forced to sell?
You can not be forced to sell. You are still the sole owner of the property. You can decide to sell any time you want. After 30 years it is necessary to decide to do one of 3 things:
- Buy out the investment
- Sell the property
- Apply for an extension of the agreement
What Happens if My Property Decreases in Value?
The down payment assistance is an investment in your property. It is not a loan, which is why there are no monthly payments, or interest charges. As an investment, the increase or decrease of the value is passed on to the investors, directly. If your property decreases in value, you will return less than the initial investment amount when you sell.
Can any property anywhere in the country qualify?
The down payment assistance program is not available in all 50 states, yet It is available in: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Virginia, Washington and Washington DC.