We’ve found that many educators and school employees – and their families – are able to afford the monthly payment on a standard mortgage loan. But when you’re spending thousands of dollars on rent each month in an expensive housing market, saving for a 20% down payment can be nearly impossible.
Many cities offer down payment assistance programs for teachers and staff, but they can be restrictive and difficult to understand. Landed helps you navigate these choices and even offers our own down payment program in the case that's a better fit for you and your family. Our down payment program provides up to $120,000 (varies by region) to help educators get to a 20% down payment, with no income restrictions. That way, you can access competitive mortgages from a variety of lenders without paying Private Mortgage Insurance or higher interest rates. You don’t pay any interest or monthly payments to Landed. Instead, you agree to share the future appreciation in your home (if any), and you can end the partnership any time within 30 years. Gains from this down payment program are reinvested to support an ever-growing number of educators.
Educators who choose to use our down payment program don’t need to pay Landed anything during the 30-year term unless they sell their home or buy out Landed. As shared equity, Landed shares in the ups and downs of the home’s value, and if you need to sell when the market is down, we will share in the loss.
More information is available here.