Question 1

What is Noah?

Accepted Answer

Noah is a modern finance company that helps homeowners tap into their home equity without selling or refinancing their home. Launched in 2016 and based in San Francisco, Noah is focused on making homeownership more affordable and accessible for millions of Americans.

Question 2

What does Noah offer?

Accepted Answer

We offer an innovative, debt-free way for homeowners to access their home equity through a Home Value Investment. Homeowners can access the funding in as little as a few weeks and use the money however they want—to renovate their home, secure their savings, tackle their debt, or build their business.

Question 3

What is a Home Value Investment?

Accepted Answer

A Home Value Investment is an innovative, debt-free way for homeowners to access their home equity without ongoing monthly payments or interest. In exchange for an upfront payment- and interest-free financing, Noah shares in a portion of the value of the home, from the time of our initial investment until the time that the homeowners choose to sell, refinance their home or buy us out, up to 10 years later.

Question 4

Is a Noah Investment considered a mortgage or home loan?

Accepted Answer

No—an Investment from Noah is distinctly different from a mortgage or home equity loan. It is a debt-free funding agreement that enables homeowners to access their home equity without monthly payments or interest.  A Home Value Investment from Noah does not show up on your credit report and does not add to your debt load.

Question 5

How is Noah able to offer funding with no monthly payments and no interest?

Accepted Answer

We believe in a debt-free and partnership-based approach to homeownership. In exchange for interest- and payment-free financing, we share in a portion of the value of your home.  Noah makes money if the value of your home increases during the length of your financing contract.

Question 6

How does an Investment from Noah compare to a home equity loan or a HELOC?

Accepted Answer

While a Home Value Investment may not be the best choice for everyone, there are significant differences between our contract and a home equity loan or HELOC that may make it the better option for some homeowners.  Unlike traditional financial institutions that offer home equity loans and HELOCs, Noah is able to offer quick approval with broad underwriting criteria.  From start to finish, access to funds can take as little as 15 days, and we continue to partner with you after you have cash in hand.  If your home value drops, we share in that loss with you up to our original amount invested.  And if you fall on hard times, our Homeowner Protection Program is there to help you pay your mortgage for up to three months.  Unlike a home equity loan or HELOC, our financing approach doesn’t add to your debt balance or include monthly payments, interest rates, fixed APRs, or prepayment fees.

Question 7

How much funding can I get with Noah?

Accepted Answer

While Noah is able to provide up to ${max_financing_amt} to homeowners, the maximum investment amount we can offer to you depends on your unique situation.  Generally, our homeowner partners take out an investment that’s equal to 5% to 20% of their home’s value, based on their needs. The final investment amount is capped at a maximum of ${max_ltv} lien-to-value (LTV) and is subject to the final application and underwriting by Noah.

Question 8

Does Noah dictate what I can do with my funds?

Accepted Answer

Use the money however you want—to reduce your debt, finance home renovations, build up your savings, or cover education or other expenses.  In some cases, how you plan to use your funding can decrease your lien-to-value (LTV) ratio, decrease your debt-to-income (DTI) ratio, or increase your FICO/credit score on a post-financing basis, all of which could help you meet Noah's minimum requirements.

Question 9

How much of the value of my home does Noah share?

Accepted Answer

The percentage of home value that we share in depends on a variety of factors, including your requested investment amount, your mortgage balance, and your financial profile. In general, the more home equity you access with our investment, the higher the percentage of sharing.

Question 10

Where does the funding for Noah investments come from?

Accepted Answer

The funding for Noah investment agreements comes from a variety of investors, including but not limited to pension funds, family offices, and investment advisors. These investors believe in our mission of making homeownership more affordable and accessible for millions of Americans through a partnership-based financing model and want to make long-term investments in homes across the United States. By doing so, both you and they benefit as home prices increase in value or take a loss if the home decreases in value.

Question 11

Where is Noah currently available?

Accepted Answer

We are currently available in neighborhoods across ${states}, and are rapidly expanding to partner with more homeowners across the country.  If you’d like to be notified when we expand to your neighborhood, enter your address here.

Question 12

What does Noah do with my personal information?

Accepted Answer

Like all financial companies, Noah accesses and shares our customers’ personal information in order to run everyday business. But as a Noah customer, you have a right to know what information we do share, what we don't share, and the options available to you to limit any sharing. View our privacy notice here for more details.

Question 13

How do I know if I can trust Noah?

Accepted Answer

Noah (formerly Patch Homes) was founded in 2016 on principles of trust and transparency. We consider our customers as partners for life, and earning their trust is important to us.  We’ve served hundreds of homeowners and funded homes worth hundreds of millions of dollars across multiple cities. Noah has an A rating from the Better Business Bureau and has been featured in the Wall Street Journal, Fortune Magazine, and the Washington Post, among others.

Question 14

Do I need to be a homeowner to receive a Home Value Investment from Noah?

Accepted Answer

Noah offers two products:  Home Equity Access for existing homeowners, and Down Payment Assistance for home buyers.

Question 15

How long does it take to get approved by Noah?

Accepted Answer

Once you provide your home address, your mortgage balance, and your credit score through our online portal, we’ll instantly let you know if you’ve been pre-approved, as well as the maximum investment amount you may be eligible for.

Question 16

How long does the funding process take?

Accepted Answer

Noah Investment transactions can close in as little as 15 days—faster than traditional methods of home financing. As a homeowner, you play a key role in how fast we can fund by returning requested paperwork to the underwriting team and scheduling your home appraisal at your earliest convenience.

Question 17

What type of homes are eligible for a Home Value Investment from Noah?

Accepted Answer

The majority of homeowners who partner with Noah have single-family residential units (SFRs) on up to an acre. In most cases, we are also able to invest in condominiums and townhouses.  We consider homeowners who have a tenancy in common (TICs) unit on a case-by-case basis, but we are not investing in co-operative housing (co-ops) at this time.

Question 18

Is there a minimum home value that Noah will invest in?

Accepted Answer

The minimum value at which your home will be eligible for an Investment from Noah is ${min_home_value}.  Know that final approval may depend on the location of your home and underwriting criteria, among other factors. If you're unsure about your eligibility, please contact us.

Question 19

What types of homes are not eligible for a Home Value Investment?

Accepted Answer

We are unable to offer financing for the following types of properties: Homes being used for commercial purposes Land lease properties Properties that are subject to a foreclosure proceeding Co-ops We consider homeowners who have a tenancy in common (TICs) unit on a case-by-case basis.

Question 20

Does Noah invest in rental or investment properties?

Accepted Answer

Yes — we invest in secondary homes, rental, and investment properties.

Question 21

My mortgage is in forbearance.  Will Noah still invest in my property?

Accepted Answer

Yes — we’re able to work with homeowners who are already in forbearance.

Question 22

I already have an existing mortgage and home equity loan. Can I still receive Noah financing?

Accepted Answer

Yes—we fund homeowners with a lien-to-value (LTV) ratio of up to ${max_ltv} across all existing liens (including your requested Noah investment amount).

Question 23

I have a mortgage with another bank. Will they be okay with a Noah investment?

Accepted Answer

Both our products are  complementary to traditional mortgage loans.  Home Equity access appears as a second lien and therefore your existing mortgage provider should not have any issues with an investment from Noah. Down Payment Assistance is provided only with a partner lender issuing the first mortgage. As part of the application process, we'll also review your mortgage note and terms to make sure there are no issues.

Question 24

I have a reverse mortgage, do I qualify for a home value investment from Noah?

Accepted Answer

We review homes with a reverse mortgage on a case-by-case basis, based on the existing balance among other factors.

Question 25

I believe that my credit score might be low. Can I still receive a Home Value Investment?

Accepted Answer

Yes — our unique underwriting approach looks beyond credit scores and evaluates other factors such as your home equity, income, savings, and use of funds.  If you are unsure about your credit score there are many resources available to you online, including annualcreditreport.com.

Question 26

Is there a minimum credit score requirement?

Accepted Answer

Yes — while we review your overall financial profile, we do require that your credit score is ${min_credit_score} or higher.

Question 27

I’m not a W-2 employee. Can I still get approved?

Accepted Answer

Absolutely — we work with homeowners with varied income profiles, including W-2 and 1099 employees, business owners, retirees, and those who are self-employed. Our underwriting process takes into account your full financial profile to make sure you receive the best possible terms for your unique situation.

Question 28

I periodically rent my property, or room(s) in my property. Does that income qualify?

Accepted Answer

Yes — the rental income you generate from your home via Airbnb or other short-term rental platforms still qualifies. We simply request that you provide proof of that income via bank statements or rental checks.

Question 29

My income is not accurately reflected by my tax returns. Can I still be approved?

Accepted Answer

Yes — you can still apply for a Home Value Investment from Noah. Based on your income profile, we use a variety of documents to gain a full understanding of your unique situation. These may include: Monthly pay stubs Bank statements W-2 forms Tax Returns Offer letters

Question 30

What documents do I need to submit as part of my application?

Accepted Answer

As part of the application process, we require homeowners to link relevant financial account and/or submit formal documents, including: Proof of identification Verification of income Home ownership and mortgage Statements Property taxes and proof of homeowners insurance

Question 31

Someone else is also listed on my title. How does that impact qualification?

Accepted Answer

As part of the final application, we’ll require that anyone else on the title also provide verification documents, including their credit score report and income documents. They will also need to sign the final investment documents.

Question 32

My home is in a trust or LLC. Can I still qualify for an investment?

Accepted Answer

Yes — we can fund homes that have been held in a trust and/or an LLC.

Question 33

How can I get financing from Noah?

Accepted Answer

The financing process includes five easy steps: Get your estimate Complete your application Schedule a home appraisal Sign you documents Receive your funds From start to finish, it can take as little as 15 days.

Question 34

What does the estimate mean?

Accepted Answer

Our estimate will tell you the maximum investment amount we can offer, the percentage of home you’ll share with Noah, and an anticipated fees breakdown. These terms form the basis of your final financing terms, pending a home appraisal and a formal document review.  Final terms will be computed upon submission and approval of a detailed application. All estimates are valid for 30 days.

Question 35

What does my maximum investment amount mean?

Accepted Answer

The maximum investment amount we show on your estimate is calculated based on your estimated home value and debt balance inputs. The final investment amount we can offer to you is capped at a maximum of up to ${max_ltv} lien-to-value (LTV) and is subject to the final application and underwriting by Noah.

Question 36

What if I want less than my maximum investment amount?

Accepted Answer

You’ll have the opportunity to adjust your requested investment amount in the next step, to as little as ${min_financing_amt}, our minimum investment amount.  Generally, our homeowner partners take out anywhere from 5% to 20% of their home’s value, based on their unique requirements.

Question 37

Will my credit score be impacted if I receive an estimate?

Accepted Answer

No—receiving an initial estimate is free and has no impact on your credit score. We do ask for a self-reported credit score during the pre-qualification stages to help us calculate your estimate terms, but a credit check is only run once you accept our investment estimate and move forward to the application step.

Question 38

Is it possible to schedule a call with the Noah team to review my estimate?

Accepted Answer

Absolutely–we want you to understand how a Home Value Investment works, and are happy to schedule a call at any time. You’ll have an opportunity to schedule a call right before accepting your estimate and moving forward to the application, or you can use this link to schedule a call at any time.

Question 39

Can I mail, email, or fax in my investment application?

Accepted Answer

Noah is committed to storing customer information and reviewing applications securely and accurately. To reduce the possibility of introducing transcription errors, unnecessary funding delays, and additional costs, we only accept financing requests through our online portal or over the phone when we are able to confirm your information.

Question 40

How is Noah's Share percentage calculated?

Accepted Answer

The percentage of home value that we share in depends on a variety of factors, including your requested investment amount, your mortgage balance, and your financial profile. In general, the more equity you access, the higher the percentage of future sharing.   As the value of your home changes over time, Noah’s Share adjusts to reflect the gain or loss of our investment.

Question 41

How is my home value determined?

Accepted Answer

As part of the final application, your home value will be determined by an independent 3rd party appraisal. The home appraisal is a report from a qualified professional that estimates the value of your home based on recent market transactions in your neighborhood.

Question 42

What is the expiry term of a Noah home value investment?

Accepted Answer

Noah investment agreements have a maximum expiry term of 10 years. This means that you will have up to 10 years to buy us out. If you buy Noah out before the end of the contract, there are no early exit fees or penalties. We get paid based simply on the value of the home at that time.

Question 43

What are the fees for a Home Value Investment?

Accepted Answer

As part of the final application and closing, we charge a one-time servicing fee of $2,000 or 3% of the investment amount, whichever is higher. This fee, as well as additional fees paid to third parties, are deducted from your investment amount as part of closing. During the term of your agreement with Noah, you may also pay some service fees. You'll only be charged when these services are requested or required.  View our service fees here.

Question 44

Who pays for underwriting and filing fees?

Accepted Answer

Noah’s servicing fee covers the costs of application processing and underwriting, as well as some third-party costs such as credit reports.

Question 45

Are there any other closing costs associated with a home value investment?

Accepted Answer

In addition to fees paid to Noah, the homeowner is responsible for any fees paid to third party companies during the financing process.  These additional fees vary based on your final investment amount and your home’s location, but generally include:    Title and escrow: between $520 and $750 Title insurance: $400 Home appraisal: $299 Affordable housing fees: between $150 and $225 Notary fee: $100 Recording fees charged on a state or county basis

Question 46

Why does Noah need a home appraisal?

Accepted Answer

The home appraisal is utilized to estimate your current home value when you enter into an investment contract with Noah, which serves as an input to compute your Noah Share percentage.   Noah works with a variety of independent professional services to ensure that homeowners entering into a Noah agreement benefit from an unbiased home valuation estimate.

Question 47

Why does Noah need title/escrow?

Accepted Answer

Noah utilizes the services of a title/escrow company to make sure we have the correct information for everyone on title and to ensure there are no involuntary liens against your property such as judgement liens, tax liens, and mechanics liens. The escrow account is used for completing the transactions and making sure the funds are transferred to you correctly.

Question 48

After I receive a Home Value Investment from Noah, who is responsible for my home's property taxes, insurance, and property maintenance costs?

Accepted Answer

As a homeowner, you’ll be responsible for all the ongoing costs for your home, including property taxes, insurance, maintenance, and homeowners association fees. We expect homeowners to continue making these payments on time, and require that Noah is added as an additionally insured entity on the homeowners’ insurance policy.

Question 49

Are there any ongoing costs or fees with Noah?

Accepted Answer

A Home Value Investment from Noah is interest-free and payment-free for up to 10 years, but during the length of your investment term, you may pay some service fees. You'll only be charged when these services are requested or required.  View a list of our service fees here.

Question 50

Can I sell my home before the term ends?

Accepted Answer

Yes—you can sell your home at any time. The sale of the home will result in the termination of your Home Value Investment contract, at which time Noah will be paid at the close of escrow.

Question 51

Can I remodel my home at any time?

Accepted Answer

Yes—you can remodel your home or make changes to your home. In fact, many homeowners request an investment from Noah in order to make home improvements and repairs.

Question 52

After Noah financing, can I refinance my primary mortgage in the future?

Accepted Answer

Yes—you can do a rate-term refinance of your primary mortgage at any time in the future. Please note that we do charge a one time fee for lien subordination.

Question 53

Can Noah request a payment of their investment before the term expiry?

Accepted Answer

No—per our investment contract, we cannot require that you pay us prior to the expiry of the term. As the homeowner, you control the timing of the payment.

Question 54

Is Noah added to the title of my home or made a part owner?

Accepted Answer

No—we are not added to the title of your home. We do, however, place a lien on your property behind your existing mortgage lien. The document we use for this lien is a Deed of Trust, which is very similar to what a traditional lender would use to secure its investment in your home. Additionally, we record a Memorandum of Agreement, which gives public notice of our interest in and lien on your home.  Generally, Noah is able to occupy the first, second, or third lien position post-financing.

Question 55

Do I need homeowners insurance to partner with Noah?

Accepted Answer

Yes, we do require that you maintain homeowner insurance coverage during the length of our investment contract.  During your application, we'll help you review your coverage to make sure it's up to date.

Question 56

Do I owe any taxes on the initial investment amount from Noah?

Accepted Answer

Noah is not a tax advisor and cannot provide tax advice. However, the basis of Noah’s agreement with you is an option contract, and option payments typically are not taxable. At the termination of the agreement, you may see a difference in your capital gains or loss associated with the property due to Noah’s share in the gains or losses with you.  We highly encourage you to consult with your tax advisor before taking an investment from Noah. Tax laws are complex, vary by state, and may be greatly impacted by your own unique situation. Noah disclaims any representation or warranty concerning tax treatment of the Noah financing agreement, whether generally, or as it applies to your unique situation.

Question 57

What is the tax treatment for Noah financing? What taxes do I pay?

Accepted Answer

Noah’s financing agreement is structured to be tax-friendly for homeowners, one of the many reasons why we chose an option contract to provide funding to you. Typically, option payments are not taxable income, meaning you likely will not owe any taxes on that payment.  You may incur a taxable event when: You sell your home You buy out Noah in the future, based on the current home value at that time You violate the terms of our contract, causing Noah to terminate the financing agreement If you pay out Noah at the end of the term without selling your home, there will be no impact to the eventual capital gains when you sell your home but there may be an opportunity for other tax deductions, based on the final payment to Noah.  Noah and its investors will be responsible to pay taxes on their share of any appreciation when that value is realized, thereby reducing your capital gains on the home.  Please note that Noah is not a licensed/certified tax advisor. As such, we highly encourage you to consult with your tax advisor before taking an investment from Noah. Tax laws are complex, vary by state, and may be greatly impacted by your own unique situation. Noah disclaims any representation or warranty concerning tax treatment of the Noah financing agreement, whether generally, or as it applies to your unique situation.

Question 58

As the homeowner, what am I responsible for on an ongoing basis?

Accepted Answer

While there are no ongoing fees or payments with our Home Value Investment, we do require that you: Make timely payments for your mortgage, and any home equity loans or HELOCs Stay current on your property taxes Maintain appropriate homeowner insurance coverage Keep the home in good, livable condition and conduct repairs as needed

Question 59

What happens if I can't pay my mortgage or property taxes?

Accepted Answer

If for some reason you’re unable to pay your mortgage or property taxes, such as a loss of employment, please contact us. Noah is able to provide financial assistance for a limited period of time through our Homeowner Protection Program.

Question 60

What if I want more money from Noah after closing?

Accepted Answer

If you’d like to enter into a second financing agreement with Noah, please contact us and we’ll help you explore your options.

Question 61

When do I have to pay Noah?

Accepted Answer

Noah Investment agreements have an expiry term of up to 10 years, with no early exit fees. This means you have up to 10 years to pay our Noah’s share of your home value, based on whenever is most convenient for you.

Question 62

Can I sell my home before the term ends?

Accepted Answer

Yes — you can sell your home at any time. The sale of the home will result in the termination of the Noah Investment contract, at which time Noah will be paid from escrow directly.

Question 63

What are my options for paying Noah?

Accepted Answer

As the homeowner, you are able to pick when and how you pay out Noah during the ten year term.  Our homeowner partners typically do one of the below: Refinance their home with a traditional lender Take out a home-equity loan/HELOC or a reverse mortgage Sell their home Use their cash savings

Question 64

Do I have to sell my home for the final payment to Noah?

Accepted Answer

No — you do not need to sell your home. We offer payment flexibility and work with you on a variety of options, including: refinancing, home equity loans, HELOCs, cash payments, or another contract with Noah.

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