Press Release: Innovative Tech Company Announces Up To $2,250 in Down Payment Cash For Homebuyers
Detroit-based BoostUp partners with real-estate network to expand savings-match program and help Americans achieve the dream of home ownership
DETROIT, Mich., April 4, 2016 – BoostUp, the industry leader in home down payment savings, is expanding its innovative program to help more Americans achieve the dream of home ownership.
Effective immediately, people saving for a home at BoostUp.com are eligible for up to $1,500 as a dollar-for-dollar match on their savings (known as a “Boost”) when they buy with one of BoostUp’s partner real estate agents. Homebuyers are provided a choice of three licensed real estate agents in their area, selected from BoostUp’s network of more than 15,000 agents across all 50 states. The total savings match is determined by the purchase price of the home. When combined with the existing $750 Boost provided by mortgage partner Quicken Loans, buyers can receive up to $2,250 toward their home purchase.
In addition, BoostUp is launching Parents Boost, which enables mom, dad and other family members to help their loved ones save for the purchase of a home. Similar to the partner program, family members giving a Parents Boost commit to matching a portion of the homebuyer’s down payment savings on BoostUp.com.
“Research shows that the down payment is the biggest obstacle for first-time homebuyers,” said John Morgan, founder and CEO of BoostUp. “Through BoostUp’s first-of-its-kind savings platform, and the generosity of our partners, we are able to significantly reduce that hurdle. It is both thrilling and humbling to play a role in helping more Americans achieve the dream of home ownership.”
BoostUp, established in 2013, helps people save toward the purchase of their home or car by getting their savings matched from family, friends and brand partners. Consumers simply create a free BoostUp account, set a savings goal and automate deposits to qualify for the matching funds and make progress toward their goals.
“As a single mom, I want to provide the best I can for my son. But I worried that buying a home might be out of reach,” said Kris Seeton, a recent BoostUp homebuyer. “Then I found BoostUp. They made it easy to save, and the extra money toward the down payment helped put me over the top. Now we’re in a home of our own and we love it!”
BoostUp has grown rapidly since its inception, having collected more than $1 million in savings deposits in each of its last two fiscal years. The company currently has 50,000 active users and growing — more than 7,000 of whom have used the platform to purchase a home or car.
BoostUp is a first-of-its-kind, down payment savings platform that helps people save toward their home or car purchase by getting their savings matched from family, friends and brand partners. Consumers create a free BoostUp account, set a savings goal, and then automate deposits to reach that goal. Brand partners offer a dollar-for-dollar match (known as a “Boost”), which rewards their savings when they buy. Family and friends can also give a Boost to help their loved ones reach their goal faster and easier. More information can be found at www.BoostUp.com
Media Contact: Carlee Barackman
Phone: (313) 373-7732