A young professional woman working in tech was looking for the perfect first home in the Greenwood neighborhood of Seattle. She had good income and credit history, and had 10% saved for a down payment. But with 10% down, the monthly mortgage payments, including required mortgage insurance, exceeded the lender’s qualifying limits for her income. With home prices rising, and interest rates low, she wanted to buy now, and did not want to settle for second best. If she waited to save up the full down payment, she ran the risk of rising prices shutting her out of the neighborhood.
The perfect solution presented itself when her loan officer introduced her to Unison HomeBuyer. The home ownership investment matched the 10% she had in hand to make a full 20% down payment. Borrowing less and avoiding mortgage insurance altogether let her exit the rental market and get into the home she really wanted right now.