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Tuesday, September 5, 2017
REVITALIZE Home Mortgage is launching a new community lending program in partnership with the City of Youngstown, Home Savings, and the Youngstown Neighborhood Development Corporation (YNDC).
The City of Youngstown provided a $500,000 grant to capitalize the loan fund that will provide first-mortgage loans to individuals who are unable to obtain bank financing to purchase homes rehabilitated by YNDC. Loans will be serviced by Home Savings. RHM provides a first-mortgage financing source with flexible underwriting criteria for borrowers who don't meet requirements for conventional banking products. Specifically, RHM requires a lower minimum credit score than traditional lenders, accepts alternative sources of credit from applicants without a traditional credit score, and does not count deferred federal student loans in borrowers’ debt-to-income ratio calculations – addressing barriers that typically trigger denials from traditional lenders. Education and accountability measures are also built into the program, providing new homeowners with the tools necessary to ensure that they are successful in the long term and encouraging wealth building. Individuals interested in obtaining financing from RHM should call Tammi Neuscheler, YNDC’s Housing Client Manager at 330.480.0423 to enroll in HUD-Approved Pre-Purchase Housing Counseling which is the first step in the program.