DETROIT–Community Financial Credit Union has entered into a partnership with NINE Design+ Homes, a retail store and design studio that is HGTV’s Bargain Block show, in an effort to help Michiganders attain affordable housing.
The recently launched partnership is dedicated to helping first-time, oft-overlooked homebuyers navigate Detroit’s changing real estate landscape, according to the organizations.
Keith Bynum and Evan Thomas of NINE Design + Homes host Bargain Block, an HGTV program in which the partners restore rundown or abandoned Detroit homes into “affordable, stylish starter homes for first-time buyers.” Bynum and Thomas have renovated over 40 homes with more than 32 of them appearing on Bargain Block, which is in its second season on HGTV.
To expand the impact of their efforts, Bynum and Thomas said they have selected the $1.5 billion CFCU as their official financing partner.
A Shared Vision
The partnership shared vision is to ease the barriers to homeownership for first-time homebuyers, according to Bynum and Thomas, who said their expertise in preparing homes for market blends with CFCU’s commitment to financing that serves the needs of first-time homebuyers. The partnership plans to pursue projects over the coming months that will address the current pain points in metro Detroit’s housing market.
The partnership will also explore a possible charitable foundation.
“As Detroit’s single-family home market has started to cool, it is allowing many first-time homebuyers previously priced out of the market to revisit their goal of achieving homeownership,” said Bynum and Thomas in a statement. “With the power of a financial partner like CFCU by our side, we’re eager to take our efforts to the next level. By elevating our abilities to bring the dream of homeownership to more people, it will positively impact our community and give a boost to metro Detroit’s economic development efforts as a whole.”
The First Step
As a first step, CFCU has developed a special purpose credit program called Path to Homeownership, the participants said. The credit union developed the program for buyers who may not qualify for conventional loans, with unique elements including no minimum credit score, low or no down payment, consideration for consistent rent payments, and valuation options.
“Path to Homeownership emphasizes fast decision-making, understanding the challenges many homebuyers face with closing on mortgages given the often-lengthy approval process amidst market or valuation fluctuations,” the organizations said. “This latest product builds upon CFCU’s offerings to help buyers secure financing and homeownership, including its signature 0% down payment program.”
‘Commit to Change’
“As a credit union, our approach to underwriting puts the borrower's best interest first. We believe in walking with our members toward their impossible dreams, and we know that for many having a home where people can spend time and create memories with those they love feels impossible today. We commit to changing that,” said Community Financial Credit Union President and CEO Tansley Stearns. “We’re honored to serve as the financing partner for the good work that Keith and Evan are doing for the people of Detroit. Alongside Keith and Evan, we’re here to think boldly and ensure more Michiganders' visions of homeownership come true.”
According to Community Financial, the partnership will celebrate its launch with CFCU marketing campaigns featuring Bynum and Thomas, three “Keith & Evan” artistic designs for CFCU debit cards, featuring the duo as guests on CFCU’s recently launched podcast - Despite Impossible - and more.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com