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In our flagship down payment support program, we work with educators and their families who may be able to afford monthly payments on a home and have some money saved for a down payment, but who need help putting together the rest of the down payment. By working with us, school employees can avoid mortgage insurance, qualify for better interest rates, and take out a smaller loan against the home. We’re proud to have helped hundreds of educators and their families into homes over the past few years.
Some homebuyers think of our down payment contribution (of up to 10% of the price of the home; capped at $120k or $70k depending on the state) as an alternative to having family members help with a down payment. Once you buy the home, you pay the normal costs of homeownership and don't make any monthly payments to Landed. Instead, we share in 25% of the appreciation or depreciation when you sell or refinance – and that money goes back into the down payment fund to help more educators. We share in the ups and downs of the home’s value over time, and if someone needs to sell when the market is down, Landed will share in the loss. There are no income caps or restrictions on the purchase price or size of the home, and that’s one of the things that makes us different from other options out there.
You can view all of the details about how our down payment support model works here, including a video we’ve created: https://www.landed.com/how-it-works
For individuals and families who aren’t yet ready to buy a home – or for whom our down payment support is not the right fit – we offer financial coaching and homebuying education, and we connect educators with other programs in the communities where we work. We know we’re just one tool in the toolkit working on this problem, and part of what we’re excited about is building that network of community support.