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The program offers up to 75% loan-to-value (LTV) for loan amounts ranging from $1 million to $1.5 million for primary residences and up to 65% LTV for loans between $1.5 million and $2 million. For non-owner-occupied and second homes, up to 60% LTV is available for loan amounts up to $1 million.
According to the California-based company’s release, BOOST requires a balloon payment after 12 months for primary residences and second homes, and six months for non-owner-occupied properties, with no monthly payments needed.
“With this program, brokers can offer their clients more than just a loan; they can offer a path to their dream home or next investment property,” Lyndon said.
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Source: mpamag.com