Haus, a startup aiming to make home ownership more affordable and flexible, is announcing that it has raised $7.1 million in new funding.
Haus was created by Uber co-founder Garrett Camp as part of his startup studio Expa . When it launched in 2016, it was focused on digitizing and bringing more transparency to the home-buying process. Since then, former Trulia executive Jonathan McNulty joined as CEO, and he’s introduced that co-investment model, where Haus helps to finance a purchase by buying equity in the home.
The idea is that instead of taking on debt, the homeowner is sharing both the risks and the rewards of changing home values with Haus. And instead of paying off a mortgage, the homeowner makes monthly payments to Haus that both purchase more equity and pay the startup and its investors.
The company estimates that these payments are, on average, 30% lower than a traditional mortgage payment. In an email, McNulty said that Haus caps the “option” portion of the payment, so that homeowners are always