Best programs for homebuyers in 2024
Well, guess what? YOU DON’T HAVE TO GO AT IT ALONE! Movement is here to help you achieve your home buying goals in 2024 with our variety of assistance programs.
Wondering what programs we have? Let’s take a look and see which ones might be able to help you achieve your homeownership dreams.
Are you struggling with your down payment and/or closing costs? If so, you might want to check out Movement Boost. This program helps qualified FHA borrowers finance their entire 3.5% down payment and even a portion of closing costs.
You can apply to have your entire 3.5% down payment covered via a second lien with a 10-year amortization term and a rate 2% above the first lien rate. PLUS, Movement Boost allows for an additional 1.5% to put toward closing costs. (Sounds great, right?).
This program is available nationwide with the expectation of New York for first-time and repeat homebuyers with a minimum 620 FICO credit score required. Gift funds are also allowed with this program, which, as a refresher, is money often given to you by family members to help secure your home without the expectation of needing to pay that money back!
*For qualified borrowers. Primary residence only. Additional restrictions apply.
Movement Purchase Advantage
If you’re trying to wait out the market because of the high rates right now, you may want to consider our Movement Purchase Advantage. This way, you can purchase a home you love now and refinance to a lower rate later if rates drop. (Plus, no lender fees!)
With this program, qualified borrowers can buy now with confidence, knowing that you’ll get fee-free* and sweat-free refinancing.** This could save you thousands on refinancing fees, even more in interest AND you can lower your monthly payments.***
The main points to consider:
- Purchase your home before 6/30/23
- Refinance with Movement before 2/28/25
- Must be a conventional or government-backed loan (FHA, VA or USDA)
- Eligible to refinance after six full monthly payments
*Conditions and restrictions apply. Lender fees include administrative, application, commitment, processing, and underwriting fees. All other fees apply. Excludes broker, bond, Jumbo, Non-Agency, HECM and HELOC loans.
**Refinance must meet agency and investor guidelines. Limited to the initial refinance of the qualified loan.
***By refinancing your existing loan, your total finance charges may
be higher over the life of the loan. Terms and conditions are subject to change without notice.
If you’re housing hunting in a high-interest rate environment and want your initial monthly payments to be more manageable, it might be time to look at our buydown programs.
Movement offers 3/2/1, 2/1 and 1/0 buydown options to help lock in that lower rate for the duration of the buydown term, which can help make your payments more manageable up front! The full rate will then return for the remainder of the years.
For example, our Temporary 3/2/1 Buydown* gives eligible borrowers a lower interest rate for the first year of the loan, a slightly higher rate for the second year and a slightly increased rate for the third year. Then, the fourth and remaining years will have a variable rate. With this option, the cost of payment reduction would be paid at the loan closing by either the borrower, builder or the seller.
*Movement's temporary buydown feature is available for conforming, conforming high balance, FHA 30-year fixed, FHA high balance, VA 30-year fixed and VA high balance loan programs only.
Lock & Shop
Are you closely watching rates so you can secure a lower rate if they drop? Well, instead of putting your homeownership dreams on hold, Our Lock & Shop program might be a better solution.
With this program, there is no purchase contract required to lock in a rate, and qualified borrowers can secure the best rate before finding their new home*. You can also take advantage of the fluctuating market and lock in your rate when YOU’RE ready. Plus, since your rate is locked, you can calculate your monthly payments and make an offer with confidence.
But what if rates end up falling again? You also may be able to get the current lower rate with a float down**!
Now for some details:
- Purchase transactions only
- Owner Occupied properties only
- Single Family Detached properties only (1-4 units)
- Available for 30-year fixed conventional, FHA and VA 30-year loans
*The Lock & Shop 120-day lock period is available for 30-year fixed Conventional, FHA, and VA 1-4 unit Primary and 2nd Home (when permitted by product) purchase loans for an upfront Lock & Shop Fee. Borrower must pay Lock & Shop Fee within 48 hours of Lock Request and identify a property address within 75 days of the Lock Request or the lock will be canceled. Excludes brokered, jumbo, renovation, buydowns, COOPs, and bond loans.
**Borrower will be eligible for a one-time float down no earlier than 45 days and no later than 15 prior to the estimated closing date once they are fully approved (no outstanding borrower credit conditions). The Lock & Shop program may be amended or terminated at any time except for qualified home purchasers with loans locked prior to the date of the amendment or termination. This offer is not a commitment to lend.
But what if you feel like you’ve just been house hunting for FOREVER and can’t find the right place? Our renovation programs may be able to help you score your dream home with a little elbow grease!
If you find a fixer-upper that’s not quite right for you but you could see yourself making it into the right place, a variety of renovation loans could help you get there.
Some renovation loans have no down payment requirement at all for qualified borrowers! (That could mean more money for a cool new couch). Also, when you get a renovation loan, there’s no need for a separate loan to buy your home. You can handle the cost of your new home AND the renovation costs all with one loan!
Utilizing a renovation loan and looking for a fixer-upper can actually help expand your housing options, too. Plus, when you do find a home, you get to really put your personality into your new place so it’s perfect for YOUR needs.
Movement offers USDA renovation loans, FHA 203K loans and HomeStyle Renovation loans for qualified borrowers so you can create your ideal home!
If you or someone you know is 62 and older and looking to access the wealth tied up in their home, a reverse mortgage could be the right plan.
A reverse mortgage allows qualified borrowers to tap into your home’s equity created by years of mortgage payments and home appreciation. This could help you move closer to family, downsize for less maintenance or even upsize to your dream space. PLUS, with a HECM (Home Equity Conversion Mortgage), you can purchase a new principal residence and acquire a reverse mortgage, all in one transaction! (This also means you can ditch those pesky monthly payments*).
Now let’s talk about the requirements:
- Home must meet traditional Federal Housing Administration (FHA) property standards
- Single-family residences
- 2- to 4-unit properties
- FHA-approved condominiums
- Must be age 62 or older
- Borrowers under 62 may qualify for non-HECM reverse mortgage products
- Non-borrowing spouses may be under age 62
- Must occupy the home as your principal residence**
- Must meet credit and residual income guidelines***
- Must receive reverse mortgage counseling from an approved agency
*Borrower is required to pay all property charges including, but not limited to, property taxes, insurance, and maintenance.
**Principal residence is defined as where you maintain your permanent place of abode and typically spend the majority of the calendar year.
***An underwriter will review credit history, property charge history, and residual income to ensure the loan is likely to be a sustainable solution for the household.
****This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency.
Is homeownership sounding more attainable?
Homeownership might be closer than you thought! If any of these programs sound like the right plan for you, feel free to reach out to a Movement loan officer near you today!