$6,500 down payment grants to aid first-time buyers across the US
CrossCountry Mortgage has expanded its CCM Community Promise program, an initiative to boost homeownership, to 15 new cities.
Initially launched in Chicago, Philadelphia, and Detroit, the program is now available in 15 new metropolitan statistical areas (MSAs), including Cleveland, Miami, New York, Phoenix, Dallas, and St. Louis.
The CCM Community Promise program targets qualified first-time homebuyers in eligible census tracts. It offers a $6,500 grant to new homeowners, which can be used towards down payments and/or closing costs.
A notable aspect of the program is that it does not impose income limitations, which are common in other down payment assistance programs. It accommodates various mortgage plans, including 10-, 15-, 20-, or 30-year fixed-rate mortgages and five-, seven-, and 10-year adjustable-rate mortgages.
CCM chief operating officer Jenn Stracensky commented on the expansion: “Over the last year, CCM Community Promise has helped nearly 100 borrowers in underrepresented populations become homeowners,” Stracensky said in a release. “As demand grows, we’re giving homebuyers who live in 15 new qualifying communities extra purchasing power and putting homeownership within reach for as many people as possible.”
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CrossCountry operates over 800 branches across all 50 states with over 7,000 employees. The Cleveland-based retail lender offers over 120 mortgage options, including conventional and jumbo mortgages and government-insured programs.
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