Unison Homebuyer Down Payment Option: #4

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Shared Down Payment Option for Buyers Through Unison

Even if you have a stellar credit history, in order to receive the lowest possible mortgage interest rate, you’ll need a sizable down payment. For conventional loans, that threshold is at least 20% cash down.

If you have access to that much cash without straining, you can avoid the need to pay for PMI (private mortgage insurance). You’ll also have the luxury of a lower mortgage payment. Shedding PMI alone can save you hundreds of dollars a month.

However, coming up with a 20% down payment can be a huge hurdle for many home buyers. In a fast-rising real estate market like Phoenix, it can also feel as if home prices are climbing quicker than you can save.

A company in San Francisco has developed a solution to bridge the gap. Unison’s program partners homebuyers with institutional investors to achieve a large down payment. These institutional investors (university endowments, pensions, insurance companies, and hedge funds) need a vehicle for safe and consistent returns. They are are sitting on billions in cash.

On the other end, homebuyers control a traditionally safe and resilient investment vehicle in U.S. residential real estate. Nevertheless, some buyers need the additional cash to avoid the less-glamorous side of mortgages; PMI, and higher interest rates.

It’s institutional investor cash for buyers interested in avoiding higher loan costs. It’s a perfect marriage.

In this fourth episode of The Arizona Report™ podcast, I bring Michael Micheletti into the Scottsdale studio. Michael is the Director of Corporate Communications for Unison. He maps out how the program works across all price ranges. Unison is available on $150,000 condos or $2,500,000 luxury ranches.

Benefits of the Unison Homebuyer program for home buyers:

Buyers receive increased purchasing power
No monthly payment on the borrowed Unison funds
No interest charged on the borrowed Unison funds
Avoid PMI (private mortgage insurance) requirement
Buyer retains original equity and 65% of gains when the property is later sold
30-year timeline until repayment required
Lowers your monthly mortgage payment by 15% or more
Option to buy out the Unison agreement after 3 years
Use in conjunction with conventional or jumbo loans
Keep more of your cash in the bank
No need to liquidate 401(k)s and stocks
If home loses value, Unison and homeowner share the loss

Benefits of the Unison Homebuyer program for institutional investors:

Long-term exposure to the U.S. housing market for institutional money
Receives 35% of the profit (price gain, not the equity) when the seller decides to sell
Diversifies assets geographically across U.S. housing market

This form of shared down payment partnering has been available for decades with commercial real estate. Unison began pioneering the concept in residential real estate in 2007 and began retail relationships with Phoenix mortgage lenders in 2016. The company has a footprint in 12 other states and plans to add at least 8 more states within the next calendar year.

It is important to note that Unison Homebuyer shared down payment program is applicable only to owner-occupied principal residences. The down payment participation funds are not available for second homes, vacation homes, or non-owner occupied investment properties.

Additionally, Unison has a partner network of Greater Phoenix mortgage companies from which buyers will need to source their home loan in order to participate in the Unison products. Local mortgage lenders include Guild Mortgage, RPM Mortgage, HomeStreet Bank, and Guaranteed Rate. To learn more about Unison Homebuyer, contact representatives at www.unison.com or contact a participating Phoenix lender directly.

This episode was recorded in Scottsdale, Arizona on Thursday, October 12, 2017. I received no incentive or compensation from Unison as a result of this podcast.

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If You’re Getting The Best Home Mortgage Rate, How To Tell.

They seldom remain posted at one location for very long. This is capital you certainly desire a part of. This rate is usually within a variety of 4 to ten percent. Prepare a leading notch sales script to be successful.

for beginners

Buying a home is a huge monetary action. It is not one to ignore. Finding a great loan provider makes the procedure much easier. How is this achieved? The first thing to do is to inform yourself as much as possible. You can do this over the internet. This will prepare you for correctly sorting through the maze of deals. A good home loan expert will help you set objectives and protect a loan that meets your requirements. Not all lending institutions and brokers are trustworthy. This is simply the beginning of 3 pointers for discovering a reputable home loan business.

You might be able to refinance even if your house is worth less than your best mortgage lenders if your Mortgage is backed by Fannie Mae or Freddie Mac. This might be in the cards in early 2012.

I like Loan Officers and Pioneers. If I were not anonymous an Employer I would join their ranks. The market has changed. There’s no usage fighting those changes. Countless people are prepared to offer and purchase houses again.

This routine can feel worthless however it’s not. The very best manufacturers have multiple Real estate agents feeding them leads. Collect your employee and list all the methods your office adds worth to the working relationship you establish with your chosen Realtors. I spoke to a commercial Property Broker the other day about how lots of check outs he’s getting from Loan Officers. His answer: None.

Lenders and banks try to find the first time buyer. But for the first time buyer, they should know that there are a variety of banks and credit lending institutions who voluntarily use home loan at low interest rate and with a much better deal. You can get home loan from the mortgage lenders with amazing deals if you approach the best lending institutions.

If you have good credit with a score over 650, you will discover the very best funding with a prime loan. The majority of conventional monetary business, such as banks and cooperative credit union, use these market rate loans. However, there are home loan business who likewise use competitive funding.

With thousands of dollars in the balance, making the effort to ask a couple speaking of concerns is well worth the effort. You can make the best refinance choice for you when you have the proper information.

do mortgage lenders verify employment

A great deal of preparation has to go into securing a home loan. Another consideration is the danger included in the plans you have actually set for your endeavor. Their home loan payment visit $200 to $300.