Saving up for both a down payment and estimated closing costs can be a real challenge — and it's one of the biggest obstacles to becoming a homeowner.
These upfront costs can add up quickly and put owning a home somewhat out of reach for Americans who might otherwise be able to afford their monthly mortgage payments.
But what if the obstacle you're facing is the type of loan you're considering?
If your buyers are struggling to come up with the cash they need to buy a home, don't give up hope: the following loans might put home ownership right within their reach!
The Riley Home Team and Movement Mortgage's Boost Program helps qualified FHA borrowers* with the required 3.5% down payment via a repayable second lien with a 10-year amortization term and a rate at 2% above the first lien rate. A 5% option is also available (3.5% for down payment and 1.5% of closing costs). Movement Boost is available for first-time and repeat homebuyers purchasing their primary residence. A 620 minimum FICO score and maximum 50 percent debt-to-income ratio (DTI) is required. Gift funds are allowed for a larger down payment or to cover additional closing costs.
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