A quartet of new regionally focused programs for current and prospective homeowners have been announced this week.
Westerly, Rhode Island-based Washington Trust has expanded its RI Community Lending Program with the addition of I Luv RI Home Improvement Loans as home renovation and repair solutions for Rhode Island homeowners.
According to the bank, the I Luv RI Home Improvement Loans offer homeowners several flexible loan options of up to $50,000 at rates discounted up to 2%. The bank also offers waived lender fees and low or discounted rates on fixed rate mortgages; and eligible borrowers may qualify by income and/or property location.
“As the nation’s oldest community bank, we’ve helped generations of Rhode Islanders achieve home ownership, and we know there are a lot of responsibilities that come with owning a home,” stated Edward O. “Ned” Handy III, Washington Trust Chairman and Chief Executive Officer. “Keeping your home well maintained is one of them, and our I Luv RI Home Improvement loans will help homeowners make necessary renovations and repairs to help them retain, and in some cases, may help to increase the value of their homes.”
Pembroke Pines, Florida-based Power Financial Credit Union debuted a homeownership program designed to help first-time homebuyers in South Florida overcome the barriers of down payments and private mortgage insurance (PMI).
The new Power Financial Credit Union First-Time Home Buyer Program will enable qualified borrowers purchase their home without the need for a down payment and PMI. The credit union stated borrowers can “enjoy competitive interest rates and customizable loan terms tailored to meet the needs of first-time buyers,” and participants in the program can access personalized guidance throughout the process.
“First-time home buyers are facing unprecedented challenges in today’s housing market, particularly here in South Florida, where affordability has become a serious issue,” said Allan Prindle, president and CEO of Power Financial Credit Union. “As a credit union, we are rooted in the belief that we exist to serve our members and improve their financial well-being. If we’re truly going to live up to those values, it’s our responsibility to take action because no one else is going to step up for them. That’s the role credit unions play in our communities—offering financial solutions that make a meaningful difference in people’s lives. We believe that by removing traditional barriers like down payments and PMI, we can empower more families to achieve their dream of homeownership.”
Baltimore-based First Home Mortgage has rolled out its Community Empowerment Initiative, a new endeavor designed to address the unique challenges faced by historically underserved populations, particularly in majority-minority census tracts. The program will be available in select markets across Maryland, Virginia, North Carolina, South Carolina, Tennessee, Massachusetts, Rhode Island and the District of Columbia, and residents currently living in or planning to move to a majority-minority census tract in those markets will be eligible for this opportunity – which includes a $5,000 grant for eligible borrowers to use toward down payment and/or closing costs.
“We’re thrilled to introduce the Community Empowerment Initiative,” said Tim Whittier, president of First Home Mortgage. “This program builds upon First Home Mortgage’s leadership position in a wide array of affordable housing programs and represents another powerful example of our continued commitment to the communities in which we serve.”
The Los Angeles-based Nurse Next Door Program has announced a new down payment assistance initiative specifically for California nurses and healthcare professionals.
Nurse Next Door offers grants of up to $8,000 to assist with closing costs and other pre-closing expenses. The program will now provide down payment assistance up to $15,000. This second lien, which carries no monthly payments and no interest, is due only when the primary mortgage is refinanced or paid off.
The funds can be used for the purchase of any home on the market, and program participants can receive up to a $545 credit at closing for a free appraisal plus reduced title fees further lower the overall costs associated with purchasing a home.
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