[Indian Land, SC] – Movement Mortgage, a national top 10 retail mortgage lender, is excited to announce Movement Boost, a new down payment assistance program for borrowers eligible for Federal Housing Administration (FHA) loans.
Movement Boost 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). The program is available in 49 states, excluding New York.
“Movement is committed to making the dream of homeownership a reality for individuals and families across the country,” said Casey Crawford, Movement CEO. “Movement Boost will be a game-changer for homebuyers seeking down payment assistance.”
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. See full program details and qualifications here.
“Movement Boost will help us create more impact across the country, particularly for first-time homebuyers,” shared Montell Watson, Movement’s director of diverse lending and strategic partnerships. “This program allows us to expand on the work started with our Grab The Key and Comunidad initiatives to help even more diverse and often underserved communities take the first steps toward homeownership.”
Since first launching in 2021, Movement’s Grab The Key initiative has hosted events nationwide focused on building financial empowerment within diverse communities and making possible the dream of generational wealth through homeownership. Movement’s Comunidad program aims to better serve multicultural and multilingual markets, including offering a Spanish digital mortgage experience.
Borrowers can learn more about the Movement Boost down payment assistance program at https://movement.com/products/fha/boost.
*For qualified borrowers. Additional restrictions may apply.