Program Offers Novel Way to Raise Home Down Payment

imrs.php-11

(The Washington Post) – Accumulating the funds to buy a home can be an obstacle for buyers in a high-priced housing market like the Washington region, where according to RealEstate Business Intelligence, a subsidiary of the Rockville-based multiple listing service MRIS, the median home price in June was $439,000.

Even with a program offering a down payment for as little as 3 percent, buyers would need $13,170 as well as extra cash for closing costs, moving expenses and cash reserves.

Would-be buyers can get help reaching their savings goals with BoostUp, a down payment savings platform that allows family, friends and even business partners of BoostUp to match their savings. Users create a free account with BoostUp and establish a savings goal, then set up automatic deposits to reach their goal.

Brand partners such as Quicken Loans can match consumer savings dollar-for-dollar and so can real estate agents and brokers who are interested in doing business with the account holders. Consumers can only access the cash given to them by a broker or real estate agent or lender if they use that company to purchase a home. Otherwise, the money is returned to the donor.

READ MORE

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.