August 18, 2021 by Premium Mortgage Corporation
Our $2,000 Neighborhood Vitality Credit Aims to Help Grow Homeownership in Underserved Areas
Achieving the dream of homeownership matters to our neighbors and neighborhoods. It helps create a foundation for families, unifies our communities, and empowers those looking to put down or keep roots. As a mortgage lender, we believe it’s our responsibility to do our part in helping make that dream a reality for all members of our communities. That’s why through our Neighborhood Vitality program, Premium Mortgage Corporation has established a special financing fund of a minimum of $500,000 to further incentivize the purchase of homes in historically disadvantaged communities.
As part of this initiative, the $2,000 individual credit can go toward closing costs and/or prepaids if a borrower is purchasing a property located within certain target census tracts. The credit will be advertised and dispersed through our proprietary software that will identify properties in the areas for which the incentive is available, and promote the incentive to real estate agents and consumers in a manner that will encourage home buying in these communities.
“I am proud to work with a group of people who are both innovative and community centric. We are utilizing the latest technologies to benefit our communities and address problems whose roots date back to their very beginnings,” said Mike Donoghue, President, Premium Mortgage Corporation. We did not just want to throw money at the problem – that is easy – anyone can do that. We wanted to find a way to get the money into the hands of those that need it and can put it toward their neighborhoods.”
It’s important to directly enrich all communities in our lending area and continue to work towards equity among many income levels and socioeconomic backgrounds. To that end, we will be reaching out to different community focused organizations to offer educational opportunities. We will also have Homebuyer and Credit Counseling services available.
To learn more about the eligible areas, please visit this link:
