Orion Lending BOOST Fund – Forgivable Second Program
Special Alert
Maximum Purchase Price
$0
Contact Info:
https://www.orionlending.com/product-rate
Limitations
Deferred Payments?
Yes
Accepted First Mortgage Type:
FHA 203(b), USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Amount is only forgivable if loan has reached 10yrs. from note date, a repayment event has not occurred and borrower has continued to occupy as their primary residence.
Location:
47 States Program available nationwide except for Massachusetts, New York and Washington.
Income Limitations:
Yes, based on Qualifying (1003) Income Income limits from HUD 2022 160% AMI guidelines Follow FHA and USDA guidelines. Up to 160% of AMI or SMI Allowed, whichever is greater. Non-Occupant Co-Borrowers income not used in AMI calculation. Uses 1003 Qualifying Income for FHA loans. Can be less than the actual household income (FHA only).
Maximum Assistance
3.5% of Purchase Price Up to 3.5% of the Purchase Price or Appraised Value (lesser of) rounded to the nearest dollar. Kentucky: Maximum rate for 2nd TD is 8.00%. South Carolina & Alaska: The minimum second mortgage loan amount is $5,000. Michigan: Second Lien License required.
Education Requirements Info:
At least one borrower must receive housing counseling from a HUD-approved non-profit housing counseling agency. The U.S. Department of Housing and Urban Development provides a database of approved housing counseling services. https://hudgov-answers.force.com/housingcounseling/s/
Eligible Property Types:
Single Family Detached Condo Townhome/PUD Manufactured Home
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $131,600$150,400$169,200$188,000$203,040$218,080$233,120$248,160 *Income limits as of 05/09/2023
Qualifying Ratios:
Determined by AUS (DU/GUS approval required).
