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Program Offers Novel Way to Raise Home Down Payment

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(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.

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