BELLEVUE, Wash. - The dream of owning a home could be one step closer for teachers working in one of the most expensive cities in Washington.
Thursday, the Bellevue School District announced a new partnership with Landed Inc, a company that helps get people into homes by financing half of their down-payment up-front.
In exchange, the homeowner has up to 30 years to pay back that money with either profits from selling the home or through refinancing.
They also have to pay on top of that 25 percent of any change in value of the home.
“It’s not free money; we make it very clear it’s not free money,” said Alex Lofton, Landed Co-Founder and a graduate of Sammamish High School.
Loften explains the advantage of this program is that it helps homeowners at the front end and keeps monthly mortgage payments down. KIRO 7 asked if this program is worth it for everyone.
“It’s worth it for people who want to buy a home. Not everybody wants to buy a home,” Lofton said.
In Bellevue, the average price for a home is around $900,000, while the median salary for a public school teacher is around $75,000.
Wesley New, athletic director for Sammamish High School, said he and his wife have been renting for close to a decade and he is open to any help they can get to buy their first home.
“That down payment is hard, just saving up the money,” Newton said. “Anything that helps every teacher is looking for it.”
There will be an informational session coming up at 4:30 p.m. Oct. 30 at Bellevue High School. Click here for more information.
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