BOOST Down Payment Assistance is a nationwide program offering both first time and non-first time homebuyers the opportunity to own a home with FHA financing.
One of the most lenient programs on the market today, BOOST often follows regular FHA guidelines and will allow non-occupying cosigners to qualify!
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No! BOOST does not require that you are a first-time home buyer.
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BOOST DPA requires a 580 FICO for FHA financing, however it will limit your purchasing power.
With a 620+ FICO score, you can often times purchase with the maximum DTI allowed by FHA (55%).
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You can purchase a Single Family home, 2-unit home, a Condo or even a Manufactured home (on permanent foundation).
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The debt-to-income allowed is per FHA. This means you can go up to 55.00% DTI.
Buyers with FICO scores between 580-600, the maximum “DTI” allowed is limited to 45%.
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BOOST follows FHA findings, if the DU approval doesn’t call for one, than a verification of rent is not required.
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The amount of money given is repayed as a second loan, over 15 years.
The note rate for this second is 2% above the note rate on the first mortgage.
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No! Only one borrower must move into the home as their primary residence.
This means you can have a non-occupying co-signer help with qualifying when needed.
** It’s important to note that a non-occupying co-signer must be a family member or a 15% down payment would be required.
Common Questions
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