BoostUp and TopAgentsRanked.com, a division of ReferralExchange, recently announced an expansion of the BoostUp program, giving potential homebuyers up to a $1,500 match on their down payment savings.
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 use a real estate agent in TopAgentsRanked’s network of top-performing real estate pros. Homebuyers are provided a choice of three licensed real estate agents in their area, selected from TopAgentsRanked’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.
“Research shows that the down payment is the biggest obstacle for first-time homebuyers,” says 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.”
“We’ve made over 250,000 connections between buyers, sellers, and realtors over the past 10 years and we know how challenging saving up for a home down payment can be. We are excited to partner with BoostUp on a program that makes the home buying process a little easier for many people,” adds Scott Olsen, CEO of Referral Exchange.
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.
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,” says 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 7,500 of whom have used the platform to purchase a home or car.