Released: February 12, 2024

Nonprofit steps in to provide mortgages where others won’t

Source: Tim Knauss, Syracuse.com

Home HeadQuarters doesn’t have the resources of a bank. But the Syracuse group has come up with a novel way to finance home purchases for people who might not get mortgages otherwise and in neighborhoods mostly shunned by traditional lenders.

The nonprofit only provide loans to clients who complete an eight-hour course to prepare them for home ownership. For clients with low credit scores or high debts, Home HeadQuarters would provide financial counseling. And the orgnaization offers this sweetener: If the borrower defaults, Home HeadQuarters would take back the loan and compensate the bank.

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