PRMG is excited to be partnering with Unison, as an additional way for borrowers to obtain funds towards their down payment when using our Ruby Jumbo product. This option in the Ruby Jumbo product will initially be available to our retail channel, with plans to move forward in the wholesale channel soon after.
In short, when using this program Unison provides a portion of the borrower’s down payment at no interest or payments – Unison simply shares in any value changes when the borrower sells their home. Read more about the company and program below.
In order to be able to offer this down payment option for their borrowers, the Loan Officer must be certified with Unison. PRMG University is coordinating the certification courses on behalf of Unison. Once the Loan Officer takes the initial certification class, the information will be forwarded to Unison and they will add the Loan Officer to their system. PRMG will be hosting monthly certification classes on their training calendar.
About Unison and the Unison Homebuyer Program
Unison was founded in 2004 and is based in San Francisco. They make long-term investments in individual residential properties by providing a portion of the down payment and in exchange share in the change of the value of the borrower’s home, either up or down when the borrower decides to sell. If the value of the home increases, they take a portion of the appreciation. If the value of the home decreases, they also typically take a portion of the loss. Unison looks at it as a true partnership with the borrower as both the borrower and Unison win or lose together.
Unison does not take title or ownership in the property – the borrower is the sole owner. Unison is simply an investing partner and can help a borrower who qualifies for a property but just doesn’t have enough down payment saved get into the home of their dreams. The borrower pays no interest and makes no monthly payments to Unison. Instead, Unison hopes to earn a return on their investment by sharing in the appreciation when the borrowers sell their home up to 30 years later. The borrower also has the ability to buy Unison out without selling their home at any time after 3 years.
All properties must be reviewed and approved by Unison to be eligible to participate in this program, as the property has to meet specific requirements, as determined by Unison. Currently Unison is offering this option in 22 states as well as the District of Columbia but is working on adding additional states. Currently it is available in following states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Virginia, Washington, District of Columbia/Washington D.C.
Loan Officers must be certified before they will be set up in Unison’s system to submit properties for approval. We will be posting a Unison information page in the Resource Center, that will be updated as additional information is available.