Location-Based Rate Incentives Aid Homebuying in Underserved Areas


To underscore its commitment to underserved communities, Diamond Residential Mortgage Corporation (DRMC), an Illinois-based mortgage lender licensed to originate and service mortgage loans in 21 states, has introduced a new enhancement to its Fannie Mae and Freddie Mac offerings. This initiative, which offers rate incentives based on property location, paves the way for expanded homeownership opportunities and reaffirms DRMC’s dedication to strengthening communities.

“Our primary objective has always been to ensure reliable mortgage solutions for every deserving individual,” says Paul Diamond, CEO of DRMC.

The distinguishing feature of this initiative is its emphasis on offering rate incentives for properties located in underserved communities, unlike most incentive programs that focus on loan applicant details. If borrowers qualify for the agency loan, they automatically have access to the associated rate incentives – regardless of income, loan size or first-time homebuyer status. This transparent, location-centric approach significantly simplifies the qualification process, making homeownership more attainable to a larger segment of the population.

Tammy Moore, division president at DRMC, adds: “The efficiency with which loan officers can determine property eligibility through this enhancement is unprecedented. This not only facilitates smoother transactions but also promotes community investment.”

Realtors collaborating with DRMC will find this initiative particularly beneficial, enabling them to offer potential homeowners a streamlined pathway to property ownership in these areas. Furthermore, customers working directly with DRMC can tap into this enhancement, reinforcing DRMC’s role as a trusted partner in their homeownership journey.

Photo by Trinity Nguyen on Unsplash

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