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Orion Lending BOOST Fund – Repayable Second Program

Special Alert

Maximum Purchase Price

$0

Contact Info:

https://www.orionlending.com/product-rate

Limitations

Credit Score Requirements

Minimum Credit Score: 600 USDA: 640 *All borrowers must have a minimum of 1 qualifying credit score.

Deferred Payments?

No

Accepted First Mortgage Type:

FHA 203(b), USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

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. Washington, Guam, Puerto Rico, and US Virgin Islands: Not permitted.

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).
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