Premium Mortgage Corporation reports success in the Neighborhood Vitality Program it launched in March of 2021 to help cultivate homeownership in minority target areas across the state.
Compared to the loans closed in these targeted areas between January and September of 2020, the company has seen a 38% increase year-over-year in units closed and a 48% increase in originated funds closed between that same timeframe in 2021.
Initially, the Neighborhood Vitality program was established with a special financing fund of $500,000 to further incentivize the purchase of homes in historically underserved communities.
The company is poised to surpass this goal and are now funding additional grants up to $2 million. Premium uses proprietary software to identify properties in underserved communities for which the incentive is available, and promotes the incentive to real estate agents and consumers.
“We did not just want to throw money at the problem – that is easy – anyone can do that,” said the president of Premium Mortgage Corporation, Mike Donoghue. “We wanted to find a way to get the money into the hands of those that need it and can use it to enrich their neighborhoods.”