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As part of Premium Mortgage Corporation's mission to build homeownership in underserved areas, the company's first initiative will be providing $2,000 lender credits to homebuyers for a total of $2,000,000 for the calendar year 2021.
These lender credits will go towards closing costs and/or prepaids if a borrower is purchasing a property located within a Majority Minority Census Tract. Each month, 20% of the prior month's production will be available for use. For example, if Premium Mortgage Corporation closes 400 loans in February, 80 credits of $2,000 each will be available in March.
Premium Mortgage Corporation feels it is important to directly interact with the communities in their lending area, keeping in contact with clients and developing relationships with new ones.
“We recognize needs often go unfulfilled in these communities and we will be implementing an action plan,” said Mike Donoghue, president of Premium Mortgage Corporation.
Minority homeownership has been lagging behind the national average for years, according to the National Association of Realtors. In their 2020 report, A Snapshot of Race and Home Buying in America, it states that 82% of all home buyers were white/Caucasian, 9% were Hispanic/Latino, 8% were Asian/Pacific Islander, and 5% were Black/African American. Through their initiative, Premium Mortgage Corporation will continue to work on closing the equity gap.
In an effort to meet these ends, Premium Mortgage Corporation has been reaching out to different community-focused organizations to offer educational opportunities, and make available Homebuyer and Credit Counseling services.
Click here to learn more about Premium's efforts to help underserved markets.