Click n’ Close, a multi-state
mortgage lender serving consumers and mortgage originators, announced it has
expanded its suite of down payment assistance (DPA) loan products to include a
shared appreciation option to help address the affordability challenges facing
homebuyers, according to a press release.
“It’s no secret that the
combination of rising interest rates, limited inventory and growing property
appreciation have made it more difficult for potential homebuyers to purchase
in today’s market,” Click n’ Close Owner and CEO Jeff Bode said in the release.
“While existing homeowners have benefitted tremendously from skyrocketing home
equity, that same trend has put buyers at a tremendous disadvantage. By
combining our proprietary DPA programs with a shared appreciation option, we’re
not only helping buyers get into a home more easily but also reap the benefit
of homeownership from day one.”
The company, which operates
through wholesale and correspondent channels, designed its DPA with Shared
Appreciation program to provide a below-market interest rate for first-lien FHA
and USDA loans, as well as a repayable DPA second lien in exchange for up to 40
percent the home’s appreciation during the first five years. After the
five-year accumulation period, the shared appreciation amount is added to the
second lien and amortized over the remaining term. Program rates start at 4.75
percent for a 5-1 adjustable rate mortgage (ARM), the release states.
DPA with Share Appreciation is
available through Click n’ Close’s retail and wholesale divisions. To learn
more and check availability in your market, reach out to Devin Dubuc for
retail and Soliman Martinez, Adam Rieke or Kerry Webb for
wholesale.