Achieving homeownership dreams with community lending programs

Homeownership is a significant milestone, but it often comes with substantial financial challenges. For individuals and families working within a tight budget, the journey to owning a home can seem daunting.

Thankfully, community lending programs are tailored to provide flexible and supportive options, making homeownership accessible to more people. By consulting with our home loan experts, prospective homeowners can learn more about the various programs available and find the one best suited to their needs.

CalHFA: supporting California residents

The California Housing Finance Agency (CalHFA) offers down payment and closing cost assistance to California residents who haven’t owned property in the last three years. This program is designed to ease the financial burden for first-time homebuyers and help them step into homeownership. By providing crucial financial support, CalHFA enables many Californians to purchase homes they might otherwise be unable to afford.

Nevada Rural Housing: broad accessibility

The Nevada Rural Housing program provides down payment and closing cost assistance without imposing purchase price or asset limits for those in select areas of Nevada. This program is particularly beneficial for residents in rural areas who may face unique financial challenges. By removing these limits, the program ensures more individuals can qualify for assistance, thereby promoting homeownership in rural Nevada.

Chenoa fund: flexible FHA loan assistance

The Chenoa Fund offers down payment assistance specifically for FHA loans, with both repayable and forgivable options. This program’s lack of income limits or geographic restrictions makes it accessible to a wide range of borrowers. The flexibility of the Chenoa Fund allows many aspiring homeowners to find the financial assistance they need to purchase a home while taking advantage of the benefits FHA loans provide.

HomeReady: innovative qualification methods

HomeReady is a unique program supporting low-to-moderate-income borrowers, particularly in designated areas. One key benefit of HomeReady is it allows borrowers to utilize border or rental income to qualify for a loan. Very low-income borrowers can also benefit from the new $2,500 credit to help overcome two of the greatest barriers to homeownership: down payment and closing costs. This innovative approach to qualification helps more people achieve their homeownership goals.

Community Lending Program: focused on underserved communities

The Community Lending Program is designed to increase homeownership in underserved communities by offering competitive pricing. Loan-level price adjustments, which typically add to the cost of a loan, are eliminated, resulting in significant savings for borrowers. However, geographic restrictions do apply, so prospective homeowners should consult with our experts to determine their eligibility. This program is a critical tool for promoting homeownership in communities that have historically faced barriers to accessing affordable housing.

ITIN Program: inclusive homeownership opportunities

The ITIN (Individual Taxpayer Identification Number) Program is an inclusive option allowing non-U.S. citizens without a Social Security number to purchase a home, get a rate or term refinance, or cash-out refinance. This program opens the door to homeownership for a segment of the population often excluded from traditional mortgage options.

Community lending programs play a vital role in making homeownership accessible to a broader audience. From first-time buyers in California to residents in rural Nevada, these programs provide essential financial support and innovative solutions. Whether through down payment assistance, flexible qualification methods, or inclusive options for non-U.S. citizens, our community lending programs are designed to support diverse needs and promote homeownership across various communities.