FORT MILL, S.C., June 1, 2017 /PRNewswire/ -- Movement Mortgage, one of the nation's largest purchase mortgage lenders, has launched a down payment assistance program for first-time homebuyers with limited funds available for a down payment. Qualifying borrowers may receive grants up to 3 percent of a home's sales price and 97 percent conventional financing.
The Movement Assistance Program (MAP) combines a non-repayable down payment grant provided by Movement Mortgage with a 30-year conventional loan. Qualified borrowers will be eligible for 97 percent financing with down payment assistance up to 3 percent in the form of a grant provided directly by Movement Mortgage. This grant is not required to be repaid and comes with no second loans, liens or promissory notes.
"MAP will help more families become homeowners by providing assistance with the upfront costs of home buying," Movement Mortgage Co-Founder and Chief Executive Casey Crawford says. "This is a program our entire Movement community takes great pride in offering. It's one more way we are leading a Movement of Change in our industry and communities."
MAP is available for first-time homebuyers who meet specific income and asset criteria based on need and median income in their geography. It also provides access to job-loss insurance coverage for non-self-employed borrowers (borrower must opt in) for two years. The benefit covers up to six monthly mortgage payments due to involuntary unemployment at maximum monthly benefit of $1,500 ($9,000 total benefit over coverage period).
MAP comes at a time when first-time homebuyers are making a renewed push into the marketplace. About 854,000 new-owner households were formed during the first quarter of 2017, which is more than twice the 365,000 new-renter households formed during the same three months, according to Census Bureau data. Real estate data firm Trulia said this marked the first time in a decade there were more first-time buyers than first-time renters.
However, many first-time buyers continue to list a down payment as a major obstacle to homeownership. MAP will help consumers overcome the down-payment hurdle, benefit from homeownership education and have access to limited job-loss insurance.
Movement Mortgage is committed to improving home financing for Americans. The company serves buyers in 47 states with the digital EasyApp experience, an innovative goal to process loans in just seven days, and a full offering of conventional, VA, FHA, USDA, home equity, renovation and other mortgage loans.
To learn more about the Movement Assistance Program (MAP), speak to a Movement Mortgage Loan Officer or visit movement.com/ahoy.
About Movement Mortgage Founded in 2008, Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture and communities. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the U.S. spanning across 47 states. Its non-profit organization, The Movement Foundation, has reinvested more than $27 million in communities to date. For more information, visit www.movement.com.
Movement Mortgage, LLC supports Equal Housing Opportunity. NMLS ID #39179 (www.nmlsconsumeraccess.org) | 877-314-1499. Movement Mortgage, LLC is licensed by AL # 21022, AK # AK39179, AZ # 0918544, AR # 105002, "CA Department of Business Oversight under the California Residential Mortgage Lending Act" # 4131054, "CO Regulated by Division of Real Estate", CT # ML-39179, DE # 012644, District of Columbia Mortgage Dual Authority License #MLB39179, FL # MLD200 & MLD1360, GA # 23002, ID # MBL-8027 & RRL-9397, "Illinois Residential Mortgage Licensee" # MB.6760898, IN # 18121, IA # 2013-0023 & 88883410, "Kansas Licensed Mortgage Company" # SL.0026458, KY # MC85066, LA, ME # 39179, MD # 19094, MA Banker & Lender # MC39179, MI # FR0018717 & SR0020189, MN # MN-MO-39179, "Mississippi Dept of Banking and Consumer Finance" # 39179, MO # 16-2096, NE, NV # 3402 & 3401, Licensed by the New Hampshire Banking Department 20985-MB, "Licensed by the N.J. Department of Banking and Insurance", NM, "Licensed Mortgage Banker-NYS Banking Dept" #B500997, NC # L-142670, ND # MB102519, OH # SM.501922.000 & MB.804187.000, OK # ML002646, OR # ML-5081, PA # 34374, Rhode Island Licensed Lender, Broker and Servicer 20153194LL & 20153195LB & 20153196LS, SC # MLS-39179, SD # ML.05007, TN # 112748, TX, UT # 7773921, VT #M 6862 & 39179-1, VA # MC-5112, WA # CL-39179, WV # MB-32019 & ML-32020, WI # 39179BA & 39179BR. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. "Movement Mortgage" is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707.