Down Payment Assistance
Good to Go Mortgage can provide down payment assistance so you can get the home you really want. You can double your down payment, without making any additional monthly payments. Here’s how it works.
Down Payment Assistance to Match
Good to Go Mortgage usually arranges for matching funds for your down payment amount. That way, you double your down payment. A larger down payment frees up your cash for emergencies or for cash reserves in your qualification process. In some cases it can eliminate PMI, which reduces your monthly payments, directly.
This matching down payment assistance requires you make no monthly payments. Ever.
How Down Payment Assistance Works
Your down payment assistance funds are available as an investment in your home for up to 30 years. No interest. No monthly payments. At the end of 30 years, or when you sell your house, the change in value is shared. If your house increases in value, you get most of the returns, and the rest repays the down payment assistance investment. If your house decreases in value, the losses are shared in exactly the same way.
No Monthly Payments and No Interest for Up To 30 Years
This is not a loan, so that’s why you don’t need to make payments or pay interest. This down payment assistance invests in the real estate value of your property. The investors are organizations like pension funds and university endowment funds that are looking for some very long term investments.
After 30 years, or when you sell, simply return the initial investment, plus the percentage of the proceeds back. If you want, after 30 years, you can reapply for an extension if you prefer.
If you are refinancing your present home and would like an infusion of cash, this program works for that, too. Unlike a loan, there is no interest and no monthly payments to make. You can access up to 17.5% of the value of the current, appreciated value of your home this way.
Down Payment Assistance Step-by-Step
You get a cash payment. That represents a future right to a return on the investment based on the appreciation of your property. The amount you choose to accept can be anything up to and including the total you qualify to receive.
Do what you want. Keep your mortgage (and other payments) up to date and the property in good repair. The tax advantages of owning the house are all yours, too. After 30 years, or when you sell, we move to the next step.
After 30 years, or when you want to sell, the investment agreement comes to an end. You return the initial investment and either add or subtract the change in value.
Down payment assistance creates more opportunity and choice for homeowners and purchasers. Check with your mortgage professional at Good to Go Mortgage to see if the program is right for you.