Panorama Mortgage Group has debuted a new loan program that breaks down the barriers for first-generation, first-time homebuyers with a 1% down payment and 2% grant down payment assistance.
This new product – the 1st Generation Homebuyer (1st Gen) loan program – is designed to enable homeownership for minority and underserved borrowers, the company says in a release.
“We believe in dismantling barriers to homeownership and fostering financial empowerment,” says Jason Madiedo, president and CEO of Panorama Mortgage Group. “Our 1st Gen loan program is a game-changer, designed to bridge the gap and pave the way for underserved communities to build generational wealth through homeownership.”
The 1st Gen program dovetails with overarching homeownership initiatives, and addresses certain challenges faced by borrowers pursuing their dreams of homeownership, which greatly differentiates 1st Gen from prior iterations of first-time homebuyer programs. The program uniquely combines a more expansive definition of eligible borrowers.
1st Gen focuses on borrowers who are the first generation in their family to realize their homeownership dreams; something often seen as unobtainable by prior generations. Another important feature of the program is the 2% grant does not have to repaid by the borrower.
Additionally, there are no property location or census tract constraints, which makes the program eligible within PMG’s nationwide footprint.
This first of its kind program heralds a significant shift for families entrenched in the cycle of renting, where current market trends and intrinsic barriers make the pride of homeownership feel out of reach, the lender says.
Photo: Tierra Mallorca