Movement Mortgage announces new program to help first-time homebuyers with down payment
[FORT MILL, SOUTH CAROLINA, NOVEMBER 8, 2022] – Movement Mortgage, the nation's sixth-largest retail mortgage lender, today announced the Movement Mortgage Community Assistance program (MMCA)*, a new program to aid prospective first-time homebuyers currently residing in select communities across the country, including Atlanta, Georgia; Baltimore, Maryland; Chicago, Illinois; Detroit, Michigan; Memphis, Tennessee; and Philadelphia, Pennsylvania.
The MMCA program will help eligible individuals within the designated markets navigate the higher home prices and mortgage interest rates that may be barriers to taking the first step to homeownership. MMCA offers qualified first-time homebuyers up to $8,000 toward a newly purchased home. That figure comprises a $7,500 credit toward the buyer's down payment or closing costs and up to $500 in the form of an appraisal credit**, if an appraisal is required for the transaction.
A 2017 study by Zillow on the major barriers to accessing homeownership found that affording the down payment was the most commonly cited barrier. The rising cost of homes also substantiates the need for down payment assistance, since higher cost homes often require larger down payments.
“In the past two years, America has seen record-breaking rent increases, large jumps in housing prices and more people than ever being priced out of their own communities,” said Montell Watson, Movement's director of diversity lending & strategic partnerships. “We want to change that. We're committed to making the dream of homeownership a reality by providing a financial boost so that local residents can afford a home — their first — in the neighborhoods they know and love.”
National data supports lending needs of first-time homebuyers within the program's designated majority minority markets. According to National Mortgage Professional, the national homeownership rate is 65%, while the Black homeownership rate is 44% – a fifty-year low. Research from the Center for Responsible Lending and the National Fair Housing Alliance has shown that this disparity is commonly due to lower wealth among minority families, and the national income gap makes it more difficult for Black and minority families to accumulate sufficient savings to purchase a home.
To qualify for the MMCA program, applicants must currently reside in the designated communities and be first-time homebuyers with no ownership interest in any other properties. Additionally, the home purchased must be the homebuyer's primary residence — no second home or investment properties qualify.
In addition to the $8,000 of financial assistance, the MMCA program will provide education on the home buying process and connect applicants with mortgage professionals and other resources in the local community who will serve as buyer advocates to help applicants achieve their homeownership goals.
Applicants can learn more about the Movement Mortgage Community Assistance Program at www.movement.com/mmca.
*Program offering is limited and may be subject to availability at the time of lock. Qualification required.
**Qualification is required.
About Movement Mortgage
Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture and communities. Funding approximately $30 billion in residential mortgages annually, Movement is the sixth-largest retail mortgage lender in the US Movement is best known for its innovative mortgage process and referable experience, which begins with upfront underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the US and is licensed in 50 states. After funding its balance sheet and investing in future growth, Movement's profits are paid to its primary shareholder, the nonprofit Movement Foundation. To date, Movement Foundation has received more than $360 million of Movement profit to invest in schools, affordable housing, communities and global outreach. For more information, visit www.movement.com.
