Downpayment and closing-cost help for low-income homebuyers

Source: Michele Lerner, Washington Post (Paid Registration)

Prosperity Home Mortgage, a subsidiary of the Long & Foster companies, recently announced its HomeBuyer Boost program, which will provide closing-cost assistance for qualified low- to moderate-income buyers.

Borrowers can make a down payment of as little as 3 percent of the purchase price as long as the home will be their primary residence. Down payment funds can come from a variety of sources, with no minimum required from the borrower’s own funds. Mortgage insurance requirements will be lower than usual for borrowers.

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