Minority Borrowers

TD Bank Devotes $10B To Residential Lending In Underserved Communities

Posted on by TMN Editor
TD Bank has devoted about $20 billion to programs that serve diverse and minority communities, with a large chunk going to support residential lending. Half of the designated funds are classified for residential lending for low- and moderate-income and/or minority borrowers, according to a press release.  This includes both first-time homebuyer and home equity loans, and particularly targets the Boston, Baltimore, D.C., New York, Miami, and Philadelphia markets.  “At TD Bank, we know our success is tied directly to the people and the communities we serve. When they flourish, we succeed,” said Leo Salom, President and CEO. “One of our primary objectives as a purpose-driven bank is to help power economic opportunities that help low- and moderate-income, diverse, and underserved…

New American Rolls Out First-Time Homebuyer Grants

Posted on by TMN Editor
New American Funding is launching a new initiative for first-time homebuyers. Officials at the company announced the Pathway to Homeownership program on Monday.  Qualified borrowers in select areas can receive up to $8,000 in assistance to help them buy a new home. The money distributed through Pathway to Homeownership is a grant, not a loan. Those who receive it do not need to pay it back, according to the announcement. “One of the pillars of our company is helping members of underserved communities become homeowners,” said Patty Arvielo, Co-Founder and President of New American Funding. “The Pathway to Homeownership initiative helps people from all walks of life who are otherwise qualified clear the initial hurdles that come with buying a…