Frequently Asked Questions

Here are some commonly asked questions about Options for Homes.

  • Down Payment Loan FAQs
      • 1. WHO CAN GET THE OPTIONS DOWN PAYMENT LOAN?
        • The Options Down Payment Loan is available to anyone who wants it, regardless of income or whether they have previously owned a home. The only requirements are that you have a 5% down payment, qualify and secure a mortgage from a primary lender, and plan to live in your Options home.  

      • 2. HOW DOES THE OPTIONS DOWN PAYMENT LOAN WORK?
        • You can choose to take a loan worth 10% to 15% of the purchase price of the home. When you sell, no longer live in your home (or anytime before that if you choose), or if you repay your primary mortgage in full, 10% to 15% of current market value of your home is due back. This is why it's called a shared appreciation loan. The repaid loans go into a “pay-it-forward” fund, which is used to provide seed funding for communities that make home ownership possible for even more families and individuals. The Options Down Payment Loan is a second mortgage issued through our funding partner, Home Ownership Alternatives (HOA).

      • 3. DO YOU PROVIDE THE DOWN PAYMENT LOAN FOR OTHER DEVELOPMENTS BESIDES YOUR OWN?
        • No. We only offer the Down Payment Loan for Options for Homes developments.

Is your question not answered above? Still have questions? Contact us!

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