Click n’ Close has introduced a new down payment assistance option for its Shared Appreciation Mortgage (SAM) program, which offers a below-market interest rate for first-lien FHA and USDA loans and a repayable DPA second lien in exchange for up to 40% of the home’s appreciation during the first five years.
Homebuyers can now access 3.5% and 5% down payment assistance along with a powerful tool to compare the benefits of homeownership versus renting, the firm says in a release.
These updates will help make homeownership more accessible and financially advantageous for a broader range of buyers in today’s competitive housing market.
These new options provide homebuyers with additional flexibility, helping them secure a home with minimal upfront costs while benefiting from shared appreciation in the property’s value over time.
“Even with the rate cut announced at the Federal Reserve Board’s September 2024 meeting, higher-than-average mortgage interest rates and limited housing supply have made today’s market financially tough for many aspiring homeowners,” says Jeff Bode, owner and CEO of Click n’ Close. “Our expanded DPA offerings not only make homeownership more affordable but also allow buyers to participate in the long-term economic benefits of home appreciation.”
In addition to these enhanced down payment options, Click n’ Close has created an exclusive calculator for program participants designed to help them educate potential borrowers on the economic benefits of utilizing the SAM program to purchase a home compared to renting.