Program Offers Borrowers in Select Regions Grant Assistance, Reduces Other Barriers
To help more consumers realize the dream of homeownership, CrossCountry Mortgage (CCM) introduces CCM Community Promise, an affordable loan solution for qualified borrowers, including those in underrepresented populations, living in Chicago, Philadelphia and Detroit.
CCM Community Promise offers an affordable loan solution for qualified first-time homebuyers who currently reside in an eligible census tract in either Chicago, Philadelphia or Detroit. This program will provide new homeowners with a $6,500 grant* that can be used for down payment and/or closing cost assistance. The new home can be purchased anywhere in the U.S.
“CCM Community Promise supports our mission of making every mortgage feel like a win,” said Jenn Stracensky, CCM Chief Operating Officer. “This program makes the American dream of homeownership more accessible to those who need it most, advancing greater equity in America’s housing system.”
In addition to the borrower grant, this program does not have any income limitations commonly associated with other down payment assistance programs. The program carries a requirement for the borrower to complete a qualified homeownership education course or receive housing counseling from a HUD-approved counseling agency to ensure homeownership sustainability.
CCM Community Promise can be used for 10-, 15-, 20-, or 30-year fixed-rate mortgages or 5-, 7-, and 10-year adjustable-rate mortgages. This solution is the latest in a variety of innovation solutions introduced by the company to support borrowers in an environment where spending is stretched and homes are selling quickly.
Based on learnings from the initial CCM Community Promise geographies, this program could be extended to more regions in the future. To find a loan officer in a qualifying region, borrowers should visit CCM.com to locate a CCM branch nearest them.