Steadworth's Home Wealth Share program can be a great option for many aspiring homeowners, but it's important to determine if it's the right fit for your individual circumstances and goals. Here are some key factors to consider:
Financial Eligibility
Credit Score: Do you have a credit score of 720 or higher? This is the minimum credit score requirement for the highest wage earner on the application.
Income Stability: Do you have a stable and reliable source of income? Steadworth looks for borrowers with consistent income and employment history.
Debt-to-Income Ratio: Is your debt-to-income ratio below 45%? This ratio measures your ability to manage debt payments in relation to your income.
Down Payment Contribution: Are you able to contribute at least 5% of the home's purchase price towards the down payment? Subject to meeting the eligibility requirements, Steadworth will contribute the remaining 10% or 15%, depending on the chosen plan.
Homeownership Goals
Primary Residence: Are you purchasing a home to live in as your primary residence? Steadworth's program is not available for investment properties or second homes.
Long-Term Ownership: Do you intend to stay in the home for at least five years? While you can sell or refinance earlier, (with a potential decrease in your share of the appreciation) Steadworth prefers to work with homebuyers that intend to stay in their home for at least 5 years to maximize the potential for appreciation for both parties.
Shared Appreciation: Are you comfortable sharing a portion of your home's future appreciation with Steadworth in exchange for the down payment assistance and lower monthly payments?
Other Considerations
Financial Planning: Are you prepared for the ongoing costs of homeownership, such as mortgage payments, property taxes, and homeowner's insurance?
Legal and Contractual Understanding: Do you understand the terms and conditions of the Home Wealth Share Agreement and other legal documents involved in the program?
If you meet the financial eligibility criteria, align with the program's goals, and are comfortable with the shared appreciation model, then Steadworth's Home Wealth Share program could be a great option for you. It can help you achieve homeownership sooner, with lower monthly payments, and provide the opportunity to build wealth over time.
Next Steps:
If you believe Steadworth's program might be a good fit for you, here are some next steps:
Use our online calculator to estimate your potential savings and benefits to choose the best plan for you.
Contact one of our specialists to discuss your situation and ask any questions you may have.
Complete our online application to begin the pre-qualification process.
Steadworth is committed to helping you achieve your dream of homeownership. We encourage you to explore our resources and connect with our team to learn more about how we can help you unlock the door to your future home.