You do this, right? Scroll through Zillow, find your dream home and then try to figure out how in the world you can afford it.
It’s not always the monthly payment that’s the problem. Sometimes, it’s simply what you need to fork over up front.
“We provide part of the down payment needed to purchase a home,” Jim Riccitelli, Co-CEO of Unison Homeownership Investors.
The California company Unison is about 12 years old, but it’s brand new to the Valley. How does it work?
“There’s no interest and there’s no payments to us, because it’s not debt. It’s actually an investment in the home,” said Riccitelli.
You don’t pay the money back until you sell or after 30 years, whichever comes first. The main caveat is you’ll also owe a portion of the appreciation, which Unison’s share is typically 35 percent. But if the home loses value, you’ll owe the company less.