Borrowers can receive up to $8,000 in assistance
Retail lender New American Funding has introduced new loan programs designed to help first-time buyers become homeowners.
New American has launched its “Pathway to Homeownership” initiative, which features several new loan programs that offer qualified borrowers in select areas up to $8,000 in assistance. The lender noted that the funds are not a loan to be repaid and are available to first-time homebuyers.
“It’s New American Funding’s investment in the next generation,” the company said in a statement. “More than 20 years ago, New American Funding began its mission of helping deserving individuals and families become homeowners and secure their own piece of the American Dream. Since then, the company has grown into one of the nation’s largest lenders through a specific focus on helping people across the country buy their first home and helping those in underserved communities.”
“One of the pillars of our company is helping members of underserved communities become homeowners,” said New American Funding president Patty Arvielo. “The Pathway to Homeownership initiative helps people from all walks of life who are otherwise qualified clear the initial hurdles that come with buying a house. We value our future, and with Pathway to Homeownership, we will be able to help more people than ever before buying a home.”
The program is the latest in the company’s efforts to boost homeownership among Hispanic and Black communities. In January, New American Funding partnered with EasyKnock to provide residential sale-leaseback loan options to its customers.
“Around a quarter of American homeowners cannot access their own equity in their homes because of strict lending restrictions, and we have teamed up with New American Funding to service these communities,” EasyKnock CEO Jarred Kessler said. “Together, our mission is to improve housing stability for our mutual customers, providing them liquidity, flexibility and control in their finances.”
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