Jan 22 2024

Fund 100% of the cash required to close on your home

first-time homebuyer program
first-time homebuyer program

A first-time homebuyer program with built-in down payment assistance? Get to know HomeBoost.

Many first-time homebuyers face a common dilemma. When asked what their top barrier is to purchasing a home, they identify their biggest hurdle as coming up with a down payment and closing costs. But what if you could remove this obstacle and fund 100 percent of the cash you need to close?

Academy Mortgage is proud to be among the small number of lenders selected to participate in Fannie Mae’s Special Purpose Credit Program:

  • Known at Academy as the HomeBoost First-Time Homebuyer Program, this equitable housing initiative is available to first-time buyers who currently reside in an eligible metropolitan market (see below).
  • Qualified first-time homebuyers can obtain a credit for their down payment and/or closing costs through combined contributions from Fannie Mae and Academy Mortgage.

Through this assistance, an eligible borrower can receive homebuyer counseling, prepare for long-term sustainability through homeownership, and fund 100 percent of the cash required to close.

It can be frustrating to put your dreams of homeownership on hold. But what if you didn’t have to?

Contact us to learn more about HomeBoost.

Helping you build a brighter future

At Academy, our Vision is to Inspire Hope, Deliver Dreams, and Build Prosperity by helping our valued customers grow generational prosperity through homeownership. Qualified first-time homebuyers who currently reside within an eligible metropolitan market may receive up to $6,500 in assistance for down payment and/or closing costs.

Academy’s HomeBoost Program offers the following benefits:

  • Fund 100 percent of the cash required to close.
  • Instill confidence with pre-purchase homebuyer counseling.
  • Promote homeownership as a means of long-term sustainability.

If you currently reside in one of the light blue areas, you may be eligible:

first-time homebuyer
  • Arizona: Chandler, Mesa, Phoenix
  • California: Ontario, San Bernardino, Riverside
  • Delaware: Wilmington
  • Florida: Clearwater, Fort Lauderdale, Kissimmee, Miami, Orlando, Sanford, St. Petersburg, Tampa, West Palm Beach
  • Georgia: Atlanta, Sandy Springs, Roswell
  • Illinois/Indiana/Wisconsin: Chicago Metropolitan Area, Elgin, Naperville
  • Maryland: Baltimore, Columbia, Towson
  • Michigan: Dearborn, Detroit, Warren
  • Missouri/Illinois: St. Louis Metropolitan Area
  • New Jersey: Camden, Jersey City, Newark
  • Ohio: Cleveland
  • Oklahoma: Oklahoma City
  • Pennsylvania: Philadelphia
  • Tennessee/Mississippi/Arkansas: Memphis Metropolitan Area
  • Texas: Arlington, Brownsville, Dallas, Edinburg, Fort Worth, Harlingen, Houston, McAllen, Mission, New Braunfels, Pasadena, San Antonio, The Woodlands
  • Virginia: Alexandria, Arlington
  • Washington, D.C. Metropolitan Area

If you don’t live in an eligible area, other options for down payment assistance exist. Take a look at this article and contact your local Academy Loan Officer for details.

For many homebuyers living in these eligible areas: Homeownership could be in reach.

Roughly 38 percent of first-time homebuyers say saving up for a down payment is the hardest part of the homebuying process, the 2023 Profile of Home Buyers and Sellers from the National Association of REALTORS® shows. Closing costs can also add up to thousands of dollars, depending on the price of a house. Now, these financial barriers may be eliminated.

Saving for a larger down payment also has the potential to take years, especially as home prices rise. Using a program like HomeBoost can save both time and money, making it possible to become a homeowner faster and for less out-of-pocket.

These days, down payment assistance is no longer optional for many first-time homebuyers; it’s necessary. Thirty-nine percent of homeowners received assistance for their down payment, according to a recent LendingTree survey. Most younger homeowners were assisted, typically from parents. Other sources of financial support came from friends, employers, and down payment assistance programs.

Putting you on the path to homeownership

If you have questions about HomeBoost, just reach out. Your local Academy Loan Officer is ready and willing to help.

Please consult a trusted professional as personal circumstances may vary. No specific results are guaranteed. Not all applicants will qualify. MAC2501-2180827.