We believe in building stronger communities through accessible homeownership. Since the inception of our Neighborhood Vitality program in March 2021, we have been dedicated to fostering homeownership in historically underserved areas. Our mission is to create a solid foundation for families, unify communities, and empower individuals to establish roots and contribute to their neighborhoods.
Our $2,000 Neighborhood Vitality Credit
We understand the significance of homeownership and the impact it has on communities. To support this, we have established a special financing fund, initially set at $500,000, aimed at incentivizing home purchases in disadvantaged communities. Each eligible borrower can receive a $2,000 credit towards closing costs and/or prepaids when purchasing a property in our target census tracts.
This credit is advertised and dispersed through our proprietary software, which identifies eligible properties and promotes the incentive to real estate agents and consumers. This approach ensures that the credit reaches those who need it most and can use it to enrich their neighborhoods.
Program Success and Growth
Since the program's launch, we have closed 692 transactions, totaling $1,369,879. Compared to the loans closed in these targeted areas between January and September 2020, we have seen a 42% increase in units closed and a 56% increase in originated funds by the same period in 2021. This growth underscores the value of homeownership, particularly for our neighbors in historically underserved communities.
Commitment to Community
Our commitment extends beyond financial incentives. We are partnering with community-focused organizations to offer educational opportunities, including Homebuyer and Credit Education services. By providing these resources, we aim to promote equity among various income levels and socioeconomic backgrounds.
As we continue to support homeownership, we have increased our funding goal to $2 million. This expansion reflects our dedication to making a lasting impact on communities and setting an example for other mortgage lenders.
Learn More and Get Started
To learn more about the eligible areas for the $2,000 closing cost credit, please visit this link.
If you have any questions or would like to speak with a loan officer, please contact us here.
