Opendoor tests shared equity home purchases in North Carolina

Opendoor has partnered with co investment platform Ownify to launch a shared equity trial program in North Carolina, HousingWire Agent reported. The program allows qualified buyers to purchase homes with a 2 percent down payment and no traditional mortgage at move in. Industry observers view the move as a strategy to clear property inventory from Opendoor balance sheet. [1]

Under the Own program, buyers make a single fixed monthly payment for five years, HousingWire Agent reported. Ownify helps fund the purchase alongside the buyer. After the five year period ends, the participant faces a choice between a property buyout or a contract renewal. [1]

Opendoor buys single family homes across select United States markets, makes minor repairs, and lists the properties for sale. The firm previously operated Opendoor Home Loans from 2019 until November 2022. It partnered with mortgage lender Lower in 2023 to provide financing options, though Opendoor itself is not a direct mortgage lender. [3]

Industry experts note that scaling this shared equity model will require substantial capital, HousingWire Agent reported. Ownify was founded in 2022 as a fractional homeownership platform to facilitate shared equity purchases. [1]