Unison Home Ownership Investors, a provider of home ownership investments, and Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp, announced the launch of their 5% down payment program.
The 5% down program will be given in conjunction with an 80% loan-to-value mortgage. The companies announced this will provide buyers with short and long-term savings.
The program works by allowing homebuyers to put down 5%, while Unison invests 15%, allowing the buyer to take out an 80% LTV loan. Unison would then share the changing home values – thereby profiting if the value increases and losing money if it decreases.
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