CLEVELAND, Oct. 31, 2024 /PRNewswire/ — In a time when housing has become less and less affordable, CrossCountry Mortgage (CCM), the nation’s number one distributed retail mortgage lender, is staying firm on its commitment to making homeownership more attainable for first-time homebuyers. The company initially pledged $10 million to its down payment assistance programs and to date, has exceeded that commitment contributing over $15 million to assist over 6,500 first-time homebuyers.
“Everyone deserves to be a part of a neighborhood that provides a sense of belonging and security,” said Jayma Banks, Senior Vice President of Housing Initiatives. “Putting a down payment on a home remains one of the largest barriers to homeownership. We’re dedicated to developing unique solutions to overcome the challenges faced by first-time homebuyers, giving individuals the opportunity to build strong roots in the communities they desire.”
In 2023, CCM established a Housing Initiatives team focused on identifying ways CCM can provide affordable and equitable solutions to enhance access to sustainable homeownership for first-time homebuyers, minority homebuyers, and underrepresented communities.
CCM offers multiple down payment assistance programs with varying eligibility requirements including:
- Freddie Mac BorrowSmart AccessSM: An option that provides up to $4,000 in down payment assistance based on Area Median Income (AMI) and other eligibility criteria. It is available in select MSAs across the United States.
- CCM Smart Start: A program for first-time homebuyers that covers up to $5,250 of their down payment.
- CCM Community Promise: A program that provides $6,500 in down payment assistance to first-time homebuyers who live in qualifying neighborhoods in select cities.
CCM also has a digital, educational experience for first-time homebuyers that walks consumers step-by-step through the homebuyer process. The tool offers a comprehensive mortgage calculator, an option to easily connect with a nearby loan officer, and a library of real stories from other first-time homebuyers to learn about shared experiences.
About CrossCountry Mortgage
CrossCountry Mortgage (CCM) is the nation’s number one distributed retail mortgage lender with more than 7,000 employees operating over 700 branches and servicing loans across all 50 states, D.C. and Puerto Rico. Our company has been recognized ten times on the Inc. 5000 list of America’s fastest-growing private businesses and has received many awards for our standout culture. We offer more than 120 mortgage, refinance and home equity solutions – ranging from conventional and jumbo mortgages to government-insured programs from FHA and programs for Veterans and rural homebuyers – and we are a direct lender and approved seller and servicer by Freddie Mac, Fannie Mae, and Ginnie Mae. Through our dedication to getting it done, we make every mortgage feel like a win. Visit ccm.com.
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Contact: |
Natalie Lonjak |
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Director, Corporate Communications |
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SOURCE CrossCountry Mortgage
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Originally published at https://www.prnewswire.com/news-releases/crosscountry-mortgage-commits-over-15-million-in-down-payment-assistance-helping-more-than-6-500-first-time-homebuyers-302293069.html
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