Home For Good
 
HOW IT WORKS

Home For Good's Equity First program offers participants the opportunity to live in the home of their choice now and then purchase the home for the same price as Home For Good originally paid for it, up to two years later, with a fixed, low interest rate assumable mortgage


Build equity now: We continue to see double digit annual growth in home values in the Puget Sound. A $180,000 home purchased two years ago would now cost approximately $235,000.

Home For Good participants lock in a purchase price today on a home that would likely be out of reach two years from now without Equity First.

Home For Good initially purchases the participant's desired home after it is approved and allows the participant to move in right away. Each participant accepted into the program works through an individualized Home Buyer Action Plan designed to enable the participant to qualify for the conventional mortgage at the earliest possible opportunity during a two-year period. All mortgages are placed in Fannie Mae approved conventional loans at 30 or 40 year terms with fixed interest rates.

The participant can purchase the home at any time they are qualified during their lease contract for the same price as Home For Good originally paid.1 This fixed price eliminates the risk that appreciation rates will place the home outside of the participant's buying limits. The assumable mortgage is of huge benefit to Home For Good's participants. The unique mortgage products utilized through a special Fannie Mae mortgage program lock in interest rates as if the participant had great credit when the home was initially purchased.

 
 


1 The participant's opportunity to purchase at the same price as Home For Good makes it necessary for the homebuyer to pay the closing costs related to title transfer. These vary based on circumstance and typically are 2%. Equity First is a self funded program and pays for its operating costs in part through a 3.5% program administration fee paid by the participant at the time of title transfer.