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Nonprofit Network Sets $3 Billion Origination Goal

applicationWashington, D.C.-based NeighborWorks America, a nonprofit community development corporation, recently called upon its network of nonprofits across the United States to help originate $3 billion of mortgages for first-time buyers this year.

The amount would be an increase from the approximately $2.9 billion originated last year and the $2.8 billion originated in 2014. The forecast is based on mortgage rates consistently hovering near historic lows, improved underwriting standards, and NeighborWorks’ expanding marketing and lending products.

“NeighborWorks organizations are able to put thousands of people each year into homes and create billions of dollars in economic activity because we’re focused on finding mortgage solutions for every credit-worthy customer we see,” said Marietta Rodriguez, vice president of homeownership programs and lending at NeighborWorks America. “That includes everything from helping a homebuyer obtain a mortgage from a national lender, originating the mortgage loan themselves, or helping secure a low down payment mortgage through a state housing finance agency.”

The average home price for a NeighborWorks homeownership customer is approximately $150,000. The agency claims its services, such as downpayment assistance, help create sustainable homeownership for more than 20,000 families every year. First-time homebuyers make up the majority of customers helped out by Neighborworks’ nonprofit network; these buyers are often helped by downpayment assistance, which is an important product in helping low- to moderate-income buyers achieve homeownership.

“Homeownership is within reach, even with student loan debt, little cash for a down payment or less than perfect credit,” said Rodriguez. “The home buying market is tough right now because of tight inventory, particularly for entry level homes, but is improving. One of the best ways to access homeownership for first-time home buyers is to work with a housing counselor who knows their market ‘inside and out,’ and can help a consumer navigate the complex process.”

About Author: Scott Morgan

Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He's been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing.
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