Shared Equity Mortgages
Buying a first home is an exciting milestone. If you’re like many young people, you may have a good credit score but you’re struggling to save enough for a down payment. As a longtime community bank, our mission at JVB is to provide the best possible service to each of our customers. That’s why we offer individually-tailored mortgages using a relative’s home equity as collateral for the new loan. You won’t find this mortgage option at the bigger banks.
What is a shared equity mortgage?
Also known as a family-backed mortgage, this type of home loan allows parents or other relatives to help young homebuyers obtain financing with a small down payment or none at all. The family member uses their own home equity as collateral to cover the down payment for the younger borrower. Once the new homeowner pays off enough of their mortgage to attain equity in the house, the lien may be released from the collateral property. Think of a shared equity mortgage as a helping hand until you can stand on your own two feet.
Benefits of a Shared Equity Mortgage
- Enables qualified buyers without a down payment to obtain 100 percent financing.
- Parents and grandparents who may not be able to give cash for a down payment can still help a child or grandchild buy a house.
- Puts the dream of homeownership within reach for more young people.
Bank right at JVB
From 1867, when JVB opened its first location, to the present day with 15 community offices in Blairs Mills, McAlisterville, Mifflintown, Port Royal, Richfield, Port Allegany, Lillibridge, Burnham, Reedsville, Lewistown, Millerstown, Coudersport, Liverpool, or our loan office in State College, our priority has always been to provide the best financial services for our customers. When you come to JVB for a mortgage or any other type of account, you can expect the highest levels of integrity and respect from our team of lenders and branch employees.
Put yourself on the path to homeownership
Is a Shared Equity Mortgage the best financing option for your home purchase? Our Pennsylvania-based loan officers can help you determine your eligibility and explore your home loan options. JVB is a trusted local mortgage lender with a long history in your Central PA or Northern Tier community.
Whether in person or online, the mortgage team at JVB is ready to answer your questions about family-backed mortgage loans and the process for co-signing a loan. Call the JVB Customer Care Center to be connected to one of our experienced home loan lenders at 1-855-582-5101, visit a JVB community office near you, or apply online today. We look forward to hearing from you!