A PROGRAM TAILORED TO MEET YOUR NEEDS

Under the terms of our Declining Balance Co-ownership Program you do not repay an interest-bearing loan. Instead, you and Guidance become co-owners of the property. You enter a co-ownership agreement that establishes your joint ownership with Guidance and spells out each party’s rights and responsibilities.

As part of the contract, you agree to purchase your co-owner’s share in the property through affordable monthly payments over a period of 15, 20 or 30 years. Your incremental acquisition of your co-owner’s share will ultimately lead you to full ownership. Your monthly payments will also include a charge for your exclusive enjoyment and use of the whole property. In total, these payments will constitute a fixed monthly amount that is competitive with what you would pay under a conventional mortgage.

The Declining Balance Co-ownership Program is designed for home purchases as well as for the replacement of an existing conventional mortgage.

In the case of a home purchase, your initial share of ownership in the property is determined by your initial investment. For qualified applicants, this down payment may be as little as 5 percent of the property’s value. In this case, you will start owning 5 percent, and Guidance will own 95 percent.

If replacing an existing mortgage, Guidance will purchase a portion of your home and become a co-owner with you. For qualified homeowners, we can provide a replacement contract to finance up to 95 percent of the appraised value of your property.  As an added benefit, this may allow you to cash out some of your equity to use for home improvement, college tuition, or other worthwhile purposes.