Written by Miguel Fernandez Morales | Published on June 13, 2024
One of the biggest obstacles for many buyers is to save enough down payment to buy a house. Now there is a way to help Canadians to get 15% of their down payment (up to $250k) from investors with no interest. Ourboro is a Canadian company focused on helping individuals buy homes through a co-ownership model. The company addresses the challenge of high real estate prices by allowing people to purchase a portion of a home, with Ourboro covering the remaining share. This partnership helps potential homeowners overcome financial barriers such as large down payments and mortgage qualifications.
Key Features of Ourboro
Co-Ownership Model: Buyers and Ourboro invest together in a property. Typically, the buyer provides a certain percentage of the down payment, and Ourboro covers the rest. Both parties share the home's equity based on their initial investments and the home's appreciation over time.
Affordability: By sharing the financial burden of the down payment and mortgage, homeownership becomes more accessible to those who might otherwise be priced out of the market.
Flexibility: Buyers can eventually buy out Ourboro's share or sell the property and split the proceeds according to their ownership percentages.
Support and Guidance: Ourboro provides assistance throughout the home-buying process, from finding a property to closing the deal.
How It Works
- Assessment: Prospective buyers apply and are assessed based on their financial situation and homeownership goals.
- Partnership: Once approved, buyers and Ourboro become partners in purchasing a home.
- Ownership: The buyer and Ourboro share ownership of the home, with the buyer living in and maintaining the property.
- Exit Plan: Buyers can choose to buy out Ourboro's share when financially feasible, or they can sell the property and divide the proceeds.
Benefits
- Reduced Financial Pressure: Lower initial investment required from buyers.
- Access to Better Properties: Ability to afford homes in desirable locations that might be otherwise unattainable.
- Shared Risk: Financial risks and rewards of homeownership are shared between the buyer and Ourboro.
Ourboro aims to democratize homeownership by making it more attainable for a broader range of people, particularly in markets with high real estate prices.
We are referral partners of this program. If you have any questions or would like to begin the process, please let us know. We are here to assist you every step of the way.
For more information, contact Miguel Fernandez Morales at 647-894-0553 or visit www.yourfamily.incomrealestate.com.