Startup company helps homebuyers with down payment

Loftium will provide to $50,000 if buyers list spare room on Airbnb.

A Seattle-based startup is helping homebuyers, including those in Federal Way, with down payments in exchange for listing their homes on Airbnb.

Loftium will provide up to $50,000, not to exceed 10 percent of a conventional mortgage for a primary residence.

Homebuyers who want Loftium’s down payment help agree to rent out a spare bedroom and split the income with the company for 12 to 36 months after buying their new home, according to a media release from Loftium.

Loftium, which first offered the program in Seattle, expanded Feb. 1 to the greater-Seattle area, including Federal Way.

Buyers choose a home to purchase, apply for a loan through Umpqua Bank and put at least 1 percent toward the down payment. Loftium will estimate the income potential of renting the home’s spare bedroom on Airbnb and will then offer a lump-sum prepayment to use toward the remaining down payment, according to the media release.

The down payment assistance is not a loan, financing or other extension of credit to the purchaser.

For more information, visit loftium.com, email hi@loftium.com or call or text 844-LOFTIUM.




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Don C. Brunell is a business analyst, writer and columnist. He recently retired as president of the Association of Washington Business, the state’s oldest and largest business organization, and now lives in Vancouver. He can be contacted at thebrunells@msn.com.
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