Northeast Ohio’s Homeownership Set to Rise with The Believe Mortgage Initiative
CHN Housing Capital, a subsidiary of CHN Housing Partners, has recently unveiled The Believe Mortgage program, a groundbreaking initiative aimed at increasing homeownership in Northeast Ohio. This program is specifically designed to assist individuals who traditionally face challenges in securing mortgages. By offering a comprehensive package that includes not only financing options but also down payment assistance, home repair grants and loans, and an educational center, The Believe Mortgage program is set to transform the housing landscape in the region.
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The program’s inception is rooted in the belief that homeownership is an attainable American dream, and it seeks to empower individuals with the tools and resources necessary to achieve this goal. Kevin Nowak, the president and CEO of CHN Housing Partners, emphasized the program’s mission to address the gaps in the mortgage market in Cleveland and Cuyahoga County. “Our loan product is tailored to assist those who, due to traditional credit challenges, find it difficult to become homeowners,” Nowak explained. “In establishing CHN Capital, we delved into understanding the barriers to homeownership and subsequently crafted The Believe Mortgage product to address these specific hurdles.”
One of the key features of The Believe Mortgage is its flexibility and inclusivity. Prospective homebuyers are not burdened with the requirement of private mortgage insurance and can enjoy the benefit of a low down payment cost, starting at just 3%. This feature significantly lowers the entry barrier to homeownership, making it more accessible to a broader demographic. Additionally, the program is open to all, not just first-time homeowners, thereby widening its reach and impact.
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Another innovative aspect of The Believe Mortgage is its consideration of applicants with lower credit scores. This approach acknowledges the diverse financial backgrounds of potential homeowners and offers a more inclusive path to owning a home. It is a significant shift from traditional mortgage programs, which often have stringent credit requirements that can exclude many potential buyers.
Moreover, The Believe Mortgage program is complemented by a second mortgage home repair program. This unique offering allows homeowners to not only purchase their homes but also maintain and improve them, ensuring long-term sustainability and comfort. This holistic approach to homeownership is a testament to CHN Housing Capital’s commitment to not just facilitating the purchase of homes but also ensuring they are a lasting and rewarding investment for the owners.
In summary, The Believe Mortgage program by CHN Housing Capital is a pioneering initiative in Northeast Ohio, designed to make homeownership more attainable for a wider range of individuals. By addressing common barriers such as high down payment costs and stringent credit requirements, and offering additional support like home repair programs and educational resources, the program is set to make a significant impact in the region. It stands as a beacon of hope and a practical pathway for many to achieve the cherished dream of owning a home.
