This Program Allows 1st Generation Homebuyers To Purchase Via A 1% Down Payment Loan – Essence
Buying a home just became that much more attainable thanks to a new program aimed at empowering aspiring homeowners.
Panorama Mortgage Group, LLC (PMG), a Las Vegas-based independent mortgage bank recently launched 1st Generation Homebuyer (1st Gen), a loan for first-generation, first-time homebuyers that features a 1% down payment and 2% grant down payment assistance.
“We believe in dismantling barriers to homeownership and fostering financial empowerment,” said Jason Madiedo, President, and CEO of Panorama Mortgage Group LLC in a news release. “Our 1st Gen loan program is a game-changer, designed to bridge the gap and pave the way for underserved communities to build generational wealth through homeownership.”
As previously reported by ESSENCE, a recent report from Zillow, just 7.8% of Black families were income-ready for a mortgage, compared to 12.5% of white families — a gap of 4.7 percentage points. This gap has closed significantly since it stood at 7.9 percentage points since 2012.
The 1st Gen program aims to flatten this disparity curve by addressing specific challenges borrowers often come up against when aiming to purchase a home for the fist time. Another important feature of the program, the company says, is the 2% grant does not have to repaid. There are also no property location or census tract constraints.
Prospective borrowers can apply at www.PMGLLC.com.
