Steadworth's Home Wealth Share Plans offer a unique approach to homeownership, providing you the opportunity to purchase a home with a lower down payment and share in its future appreciation. These plans are designed to make homeownership more accessible and affordable for creditworthy individuals and families who may struggle with the traditional 20% down payment requirement.
How it Works
The Home Wealth Share program is based on a co-investment model. Steadworth partners with you by contributing either 10% or 15% of the home's purchase price towards your down payment. You contribute the remaining 5% or 10% to reach the 20% down payment threshold. In exchange for this down payment assistance, you agree to share a portion of your home's future appreciation with Steadworth for a fixed term when you sell or refinance the property.
Plan Options
Steadworth offers four distinct Home Wealth Share Plans, each defined by two key variables:
Contract Term: This refers to the length of the agreement with Steadworth, with options of either 5 or 10 years.
Down Payment Split: This refers to the percentage of the down payment that Steadworth contributes, with options of either 10% or 15%.
The combination of these two variables determines the specific plan and the percentage of future appreciation that you will share with Steadworth. For example, the 5/10 Plan involves a 5-year contract term and Steadworth contributing 10% of the down payment.
Benefits of the Plans
These plans offer several benefits for homebuyers:
Lower Down Payment: You can purchase a home with a down payment as low as 5%, making homeownership more accessible.
Lower Monthly Payments: Avoiding PMI and potentially securing a loan with a lower principal amount can lead to significant monthly savings.
Equity Building: You build equity in your home through your down payment and monthly mortgage payments.
Wealth Creation through Appreciation: You can benefit from the potential increase in your home's value over time, after sharing a portion of the appreciation with Steadworth.
Full Ownership and Control: You retain full ownership and control of your property and enjoy the benefits of homeownership.
Choosing the Right Plan
The best Home Wealth Share Plan for you will depend on your individual circumstances and goals. Factors to consider include your financial situation, your expected length of stay in the home, and your risk tolerance. To explore the most suitable plan for your needs, you can use our online calculator to estimate your potential savings and benefits or explore properties for sale using Steadworth.
In conclusion, Steadworth's Home Wealth Share Plans offer a unique and flexible approach to homeownership, allowing you to purchase a home with a lower down payment and share in its future appreciation. By understanding the different plan options and their key features, you can choose the plan that best aligns with your financial goals and homeownership aspirations.