Homium is reshaping the path to homeownership through its innovative shared equity model. Founded by Brett Markinson and David Jette, Homium provides down-payment assistance to make homeownership attainable for more households across a broad income spectrum. This forward-thinking approach opens the door for low-income and first-time buyers, especially those from communities traditionally excluded from the housing market, while also offering a pathway for families to build long-term wealth.
At the core of Homium’s strategy is its unique down-payment assistance structure, designed as a second mortgage. Instead of providing traditional grants or low-interest loans, Homium offers funds to cover a significant portion of the down payment. This reduces the upfront financial burden, enabling buyers to purchase a home with little to no initial capital. Additionally, this model often eliminates the need for costly private mortgage insurance (PMI), making homeownership more affordable from the start. Importantly, this second mortgage requires no monthly payments, further easing financial strain and promoting long-term stability for homeowners.
Homeowners repay the loan only when they sell or refinance, ensuring that they are not burdened by monthly payments. The repayment is tied to the property’s appreciation, meaning it reflects the increased price of the home over time. This creates a win-win scenario: homeowners benefit from rising property values and increased home equity, while Homium reinvests its returns to enable more families. Homeowners retain full rights and responsibilities over their property, including the freedom to personalize their homes and build equity through mortgage payments.
Leading Homium’s future growth is the team’s newly appointed Chief Impact Officer, Marcus Martin, who brings over 25 years of experience in capital markets and social impact. He is applying this expertise to create sustainable pathways to homeownership that specifically address historical barriers faced by Black communities.
Under Martin’s leadership, Homium is partnering with mission-driven organizations and investors to create innovative down payment assistance programs that directly address systemic inequities in lending markets and the racial homeownership gap. These programs provide a sustainable, revolving source of capital specifically targeted to support Black and minority borrowers who have historically faced barriers to homeownership. When loans are repaid, the funds are strategically reinvested within the same communities, creating a continuous cycle of wealth-building opportunities and strengthening financial foundations for future generations.
Valuing Homes in Black Communities
Homes in Black majority neighborhoods are undervalued by 23% on average compared to similar homes in other neighborhoods. Structural innovations that redesign our markets could create a more equitable housing market. To support new ideas, Economic Architecture and Brookings are mapping innovations across the US and invite innovators to step forward and apply to the Valuing Homes in Black Communities Challenge.