FOR IMMEDIATE RELEASE April 2, 2020
Update for 4/5/2022: This program is no longer available, but please visit our down payment assistance page to read about other programs that currently have funds.
Customers can apply for mortgage and refinance loans from home.
NeighborWorks Home Partners (NWHP) announced three new programs to make buying a home or refinancing a mortgage more accessible for Twin Cities residents.
NeighborWorks Mortgage now offers first mortgage financing, and refinance financing, to homebuyers and homeowners throughout the 11-county metropolitan area. Purchase and refinance products are available to buyers of any income level, with no limit on purchase price.
In addition to mortgages, NeighborWorks has rolled out a new down payment assistance program, NeighborWorks Leap, that pairs with their mortgage products. The Leap program provides up to $15,000 in down payment and closing cost assistance for buyers who are using NeighborWorks Mortgage first mortgage products, and homeowners refinancing with NWHP. Buyers must have an income below 140% of the Area Median Income in order to qualify. Leap DPA is also available to for homes throughout the 11-county metro area.
Community Lending Manager Casey Ware said she’s excited to help more people reach their dreams of homeownership. “I meet a lot of people who want to buy a home, but just don’t believe they can do it, or don’t know where to start,” said Ware. “Give NeighborWorks a call. We have everything you need to get started on that path to homeownership.”
“We shop to find the best loan product for each individual borrower,” said Ware. “We offer a variety of loans, including conventional, FHA, and VA. And we have resources to support homebuyers every step of the way, so they can feel confident as shoppers, and supported as new homeowners.”
“NeighborWorks is also a resource for homeowners who have been eager to refinance their existing mortgage to a lower rate to lower their monthly expenses,” said Ware.
Jason Peterson, Chief Executive Officer of NWHP, noted that customers who choose a mortgage product from NeighborWorks are supporting affordable and accessible homeownership in their communities.
“Buyers who get their mortgage through NeighborWorks will find competitive rates and excellent customer service, but there’s more to it than that,” said Peterson. “They’ll also be helping another homebuyer access pre-purchase education, or a down payment, or they may be helping a senior neighbor get needed accessibility improvements so they can stay in their home. It’s really a mortgage that pays it forward.”
Peterson said that the new products round out what was already a diverse suite of homeownership services to help homeowners at every stage.
“NeighborWorks is one-stop shop for homebuyers and homeowners,” said Peterson. “You can start with us to improve your credit and learn about the homebuying process, take homebuyer education, get personalized coaching, and find a down payment. You can come to us for home improvement financing, and to remedy hazards in your home. And we hope you never need it, but we also have free and confidential foreclosure prevention counseling if you should be at risk of missing payments.
More information about the programs can be found at nwhomepartners.org/mortgage, or call 651-292-8710.
NeighborWorks Home Partners is a community based nonprofit organization with offices in Saint Paul and Minneapolis, and is a member of the national NeighborWorks America network. Specializing in homebuyer education and preparation, including credit repair, first mortgage loans, refinance loans, home improvement loans, down payment assistance and foreclosure prevention, NWHP serves the eleven-county metro area. The organization currently provides services in English, Hmong, and Spanish. More information is available at nwhomepartners.org