- November 18, 2019
- Posted by: Chris Nielson
- Category: Jumbo Mortgage
Buy your dream home with the help of a Co-Investment.
Here at Northeast Financial LLC, we have partnered with an exclusive investor to bring a Co-Investment product to our customers. This product is focused exclusively on the Jumbo mortgage market.
Simply put a Co-Investment is when an investor contributes funds towards a down payment in exchange for a portion of the equity return when the home sells.
Why would you want to look at using a Co-Investment when purchasing your next home?
- Lower your monthly payments by decreasing the amount you need to borrow.
- Increase your purchasing power. You can buy higher-priced home when using a Co-Investor to contribute up to 10% of the price.
- Make a stronger offer. Show a seller you are a strong buyer putting at least 20% down on the home of your dreams.
10 Product Basics
- Only for use in combination with loans greater than $484,350.
- This product is only offered for primary residences.
- There are no interest or monthly payments.
- The investor doesn’t share in all of the home equity, only the change in value.
- The investor does not become a co-owner in the home.
- The smallest combined down payment is 20%.
- This is not a short term product. If the client sells the home within the first 3 years the investor will not share in any decrease in value.
- Homeowners may buy out the investor anytime after the end of the 3rd year.
- The property must be typical for the area.
- Gift funds are ok to use in combination with the product.
Call me today to learn more.
Northeast Financial LLC