Ourboro - an option to get interest free downnpayment

Welcome to Ourboro! If you're finding it tough to save for a down payment, Ourboro is here to help. You bring a minimum of 5% down, and Ourboro contributes up to 15%, making it much easier to secure your dream home. In return, Ourboro becomes an equity partner, sharing in the home’s appreciation. This unique partnership helps you get into your new home faster and more affordably. Let’s make your homeownership dreams a reality with Ourboro!
 

Ourboro may be able to pay for major renovations that can increase value of home. Find out here in this video:

 

Please contact me for any questoins and once you're ready, Click Here to sart the process .

 

Going Through The Numbers:

An Example Let’s say buyer co-buy a $1,000,000 home with a Ourboro. In this example, their mortgage will be for $800,000 (80% of the home’s value). If buyer contribute $80,000 (8% of the home value) and Ourboro contributes $120,000 (12%), together we’ll have a $200,000 (20%) down payment. Since buyer contributed 40% of the total down payment, and Ourboro contributed 60%, we would have a 40:60 equity split in the home’s future appreciation.

Now, let’s fast forward a few years to when the buyer decides they would like to sell the home. The home sells for $1,500,000, and over the time buyers lived in the home and paid ff $100,000 of the mortgage principal. When the home is sold, the bank will be paid back first. Payments the buyers made towards their mortgage principal will then be returned to them from the sale proceeds. Please note, closing costs will be the responsibility of the buyer. Depending on the home’s appreciation rate, they may be eligible for a selling bonus to help cover a portion of their closing costs After any final adjustments, remaining proceeds will be divided according to equity split. The buyer will walk away with their mortgage payments plus the appreciated value of their original down payment while Ourboro will receive the appreciated value of their down payment contribution.

 

Once you've read and ready, Click Here to sart the process.

Buyer Requirements:

To be considered for an Ourboro co-investment, homebuyers must:

• Complete an Ourboro application and qualification process, including a full onboarding;

• Be a Canadian citizen or permanent resident;

• Be looking to purchase a home as their principal residence;

• Be purchasing a home by themselves or with a spouse/partner, not with friends or relatives;

• Contribute a minimum of 5% toward the total purchase price of the home and be responsible for closing costs, less Ourboro’s share of land transfer taxes;

• Have the income and financial standing necessary to qualify for and support an 80% LTV mortgage with a qualifying lender;

• Be looking to live in the home for a maximum of 30 years and ideally less than 10 years;

• Work with Ourboro’s approved lenders, legal conveyance partners, and other service providers where applicable; and

• Receive independent legal advice prior to executing the Co-ownership Agreement.

 

Property Requirements:

With an equity investment, Ourboro is co-owning the property alongside buyers and therefore properties for consideration must follow our investment criteria. Specifically, properties may be eligible for co-investment if they are:

• Located in an Ourboro investment region;that includes GTA.

• Purchased for a price between $550,000 and $2,500,000;

• A resale property, not purchased pre-construction or through an assignment sale;

• Not part of a co-operative;

• In ‘reasonable living condition’, meaning that all critical infrastructure such as walls, flooring, roofing, HVAC, electrical, and plumbing are in place and in good working order;

• Not in a rural location and/or on a septic system;

• Free of previously banned building materials;

• Not a condo built prior to 1980;

• Purchased at or below Ourboro’s Maximum Bid Price provided for the property. It is highly recommended that a Maximum Bid Price is requested from Ourboro prior to offers being submitted. 

• Qualify for mortgage financing by an eligible lending partner at 80% of the purchase price, as Ourboro and the co-buyer’s combined down payment must total 20%

 

Offer Requirements:

As a potential co-owner, Ourboro reserves the right to evaluate all offers to ensure that they meet our criteria, prior to committing funding. Offers made, or accepted, on properties of interest must meet the following conditions to be considered for co-investment:

• A minimum closing period of 40 days, beginning from the later of Ourboro receiving the homebuyer application or the date of offer acceptance;

• Include either a building inspection condition or building inspection clause, unless an inspection report has already been provided by the seller. In other words, a home inspection report must be available or attainable for the property, failure to do so will result in Ourboro rejecting the purchase, regardless of whether the offer is firm;

• A status certificate review must be completed for all condos; and

• Financing conditions are highly recommended, though not required

 

Accepted Offers:

Immediately once an offer has been accepted:

• Ourboro must be notified and sent the related purchase documents;

• Buyers are to confirm their desired down payment contribution amount directly with Ourboro;

• Buyers will be introduced to, and must work with, Ourboro’s legal conveyance partners, including, if applicable, for a status certificate review;

• Third-party lawyers are to be selected and engaged by buyers for independent legal advice;

• Ourboro must receive and approve the building inspection report;

• Following approval of the building inspection report, Ourboro will confirm our down payment investment amount via our Funding Letter, which must be included with the buyer’s final mortgage application; and

• The buyer is responsible for working with the mortgage broker or lender directly to finalize their mortgage application

 

Please contact me for any questoins and once you're ready, Click Here to sart the process.