[Indian Land, SC] – Motion Mortgage, a nationwide high 10 retail mortgage lender, is happy to announce Motion Increase, a brand new down cost help program for debtors eligible for Federal Housing Administration (FHA) loans.
Motion Increase helps certified FHA debtors* with the required 3.5% down cost by way of a repayable second lien with a 10-year amortization time period and a fee at 2% above the primary lien fee. A 5% choice can be out there (3.5% for down cost and 1.5% of closing prices). This system is on the market in 49 states, excluding New York.
“Motion is dedicated to creating the dream of homeownership a actuality for people and households throughout the nation,” mentioned Casey Crawford, Motion CEO. “Motion Increase might be a game-changer for homebuyers searching for down cost help.”
Motion Increase is on the market for first-time and repeat homebuyers buying their main residence. A 620 minimal FICO rating and most 50 p.c debt-to-income ratio (DTI) is required. Reward funds are allowed for a bigger down cost or to cowl further closing prices. See full program particulars and {qualifications} right here.
“Motion Increase will assist us create extra impression throughout the nation, notably for first-time homebuyers,” shared Montell Watson, Motion’s director of numerous lending and strategic partnerships. “This program permits us to increase on the work began with our Seize The Key and Comunidad initiatives to assist much more numerous and sometimes underserved communities take the primary steps towards homeownership.”
Since first launching in 2021, Motion’s Seize The Key initiative has hosted occasions nationwide centered on constructing monetary empowerment inside numerous communities and making attainable the dream of generational wealth via homeownership. Motion’s Comunidad program goals to higher serve multicultural and multilingual markets, together with providing a Spanish digital mortgage expertise.
Debtors can study extra concerning the Motion Increase down cost help program at https://motion.com/merchandise/fha/enhance.
*For certified debtors. Further restrictions could apply.