April 6, 2021 – CHN Housing Capital, the lending arm of CHN Housing Partners, announced today that The Believe Mortgage, a first mortgage program, is now available. Two down payment assistance programs and home repair loans are also available to assist homebuyers and homeowners in time for the spring buying season. CHN Housing Capital was created to address the lack of traditional home financing available to homebuyers of color, homebuyers with imperfect credit, and low-to-moderate income (LMI) homebuyers in Cuyahoga County.
“Homeownership is the largest generational wealth builder, and we believe homeownership should be within reach for every family,” said Kevin J. Nowak, chief executive officer of CHN Housing Capital. “Here in Northeast Ohio, we have seen the reality that homeownership has not been within reach of every family, and we created CHN Housing Capital to solve that problem.”
CHN Housing Capital is offering these products to help individuals and families achieve homeownership:
- Low down payment first mortgages are available for homebuyers in Cuyahoga and Lorain counties.
- There are no first-time homebuyer restrictions for this product, no income restriction and no monthly Private Mortgage Insurance (PMI).
- Buyers with lower credit scores are considered.
- Buyers are also eligible for a second mortgage in the form of a home repair loan at the time they receive the Believe Mortgage.
Two down payment assistance product are offered through CHN Housing Capital:
1. Cuyahoga County Down Payment Assistance Program: Eligible homebuyers can receive down payment assistance in the amount of 10% of the purchase price, with a maximum purchase price of $133,950. Most Cuyahoga County communities are eligible. Homebuyers must be at or below 80% of area median income (AMI).
2. City of Cleveland Mayor’s Neighborhood Transformation Initiative Down Payment Assistance Program: Eligible buyers can qualify for down payment assistance in the amount of $20,000 for a new-construction or newly renovated home in the Glenville-Circle North neighborhood in Cleveland. No income restrictions apply.
- This program is available to any homeowner at or below 120% of the area median income (AMI) living in Cuyahoga County.
- Homeowners can qualify for up to $20,000 for eligible repairs such as roofs, porches, HVAC, plumbing and driveways.
“CHN Housing Partners is a great example of how innovative nonprofits can develop unique tools to help people in our community reach their dream of homeownership,” said Sean Richardson, Greater Cleveland region president of Huntington National Bank, CHN Housing Capital’s banking partner. “Active community partnerships put homeownership in reach for those who need it most.”
Eligibility and application information can be found at www.chnhousingcapital.org. Interested applicants can call 855-764-LOAN (5626) with questions and for more information.
Funding for CHN Housing Capital is provided by the City of Cleveland, Cuyahoga County and the Cuyahoga Land Bank, JPMorgan Chase Foundation and the Congregation of St. Joseph of Cleveland.
