Click n’ Close Adds Shared Appreciation Option to Down Payment Assistance Line

Click n’ Close

Click n’ Close, an Addison, Texas-based lender formerly known as Mid America Mortgage, has expanded its line of down payment assistance (DPA) loan products to include a shared appreciation option designed to help buyers facing affordability challenges.

According to the company, the new product 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% the home’s appreciation during the first five years. After the five-year accumulation period, the shared appreciation amount is added to the second lien and amortized over the remaining term. Program rates start at 4.75% for a 5-1 adjustable rate mortgage (ARM).

DPA with Share Appreciation is available through Click n’ Close’s retail and wholesale divisions.

“It’s no secret that the combination of rising interest rates, limited inventory and growing property appreciation have made it more difficult for potential homebuyers to purchase in today’s market,” said CEO Jeff Bode. “While existing homeowners have benefitted tremendously from skyrocketing home equity, that same trend has put buyers at a tremendous disadvantage. By combining our proprietary DPA programs with a shared appreciation option, we’re not only helping buyers get into a home more easily but also reap the benefit of homeownership from day one.”

ENB
Sandstone Group