April 13, 2021
We are proactively leading the way with helping build homeownership. In pursuit of that goal, we have set aside a credit for buyers in certain target census tracts. “We recognize needs often go unfulfilled in these communities and will be implementing an action plan with our first step being providing $2,000 lender credits to home buyers up to a total of $2,000,000 for the calendar year 2021,” said Mike Donoghue, President, Premium Mortgage Corporation.
As part of this initiative, we will be providing a $2,000 credit toward closing costs and/or prepaids if a borrower is purchasing a property located within an eligible area. 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.
We feel it is important to directly interact with the communities in our lending area and continue to work towards equity. To that end, we will be reaching out to different community focused organizations to offer educational opportunities. We will also have Homebuyer and Credit Counseling services available.
To learn more about the eligible areas, please visit this link:
**Must obtain financing through Premium Mortgage Corporation to receive the $2,000 credit. Not all buyers will qualify. This is not an offer to lend. A loan is not guaranteed. Must be Primary Residence. Contact Premium Mortgage Corporation for further information about rates and fees.
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