News about Opendoor

Opendoor is testing a shared-equity program called “Own” in North Carolina, letting buyers put down just 2% instead of the 10% to 20% usually required by conventional lenders. Buyers make one fixed monthly payment over five years, gradually acquiring equity while living in the home, and can buy out the remaining equity at fair market value at any point in that term. Partner Ownify's home fund co-invests to cover the rest of the purchase price. The program remains small and its waitlist is closed, and qualified applicants generally need a minimum 660 credit score and household income of at least $60,000. One analyst said the model would be hard to scale without a large amount of capital.