ROANOKE, Va. — Freedom First Credit Union said it has received a $5 million secondary capital investment from the new Inclusiv Southern Equity Fund to help fund the Affordable Housing Program. According to Freedom First, its program works with potential homebuyers of modest means to overcome conventional mortgage qualifying hurdles so they have a chance to become a homeowner.
“At Freedom First, we believe that one huge hurdle to wealth-building is a lack of loan options and access to down payment assistance for people who want to own a home but never thought it was possible,” said SVP-Community Development Dave Prosser in a statement. “The Affordable Housing Program offers custom underwriting that takes into consideration life circumstances that many other lending products do not.”
Freedom First added the program offers potential homebuyers a non-conforming conventional mortgage as well as a dedicated mortgage officer works with applicants, “for years in some cases, to improve their credit through Impact Banking products and provides financial coaching to prepare them for responsible homeownership.”
As CUToday.info has reported, Inclusiv’s new Southern Equity Fund offers secondary capital investments to credit unions serving communities of color across 17 southern states.
“We are thankful for organizations like Inclusiv who are dedicated to create lasting change by investing in local community development credit unions,” said Freedom First President and CEO Paul Phillips. “With funding from organizations like Inclusiv, we are able to help more hard working people overcome barriers and realize the dream of homeownership.”