YOUNGSTOWN, Ohio — The Youngstown Neighborhood Development Corp. is launching a new community lending program in partnership with the city and Home Savings Bank.
The program, Revitalize Home Mortgage, is being funded by a $500,000 city grant that will capitalize a loan fund to provide first-mortgage loans to individuals unable to obtain bank financing to buy houses rehabilitated by YNDC. The loans will be serviced by Home Savings, according to an announcement from YNDC.
Revitalize Home Mortgage will feature flexible underwriting criteria, explained Tammi Neuscheler, YNDC housing client manager. The program 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. As such, it addresses 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, Neuscheler said.
More information is available at YNDC.org/programs/rhm.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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