Panorama Mortgage Group, a leading independent mortgage bank, has launched an innovative loan program aimed at helping first-generation, first-time homebuyers overcome obstacles to homeownership. The program, called the 1st Generation Homebuyer (1st Gen) loan program, offers a unique 1% down payment and a 2% grant down payment assistance.
“We are dedicated to breaking down barriers and empowering individuals to achieve homeownership,” says Jason Madiedo, President and CEO of Panorama Mortgage Group. “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.”
Unlike previous first-time homebuyer programs, the 1st Gen program has a more inclusive definition of eligible borrowers. It specifically focuses on those who are the first generation in their family to achieve homeownership. This program opens up opportunities that were previously seen as unattainable for these individuals.
One of the key features of the 1st Gen program is the 2% grant, which does not have to be repaid by the borrower. This provides additional financial assistance to help first-time buyers with the upfront costs of purchasing a home.
Another advantage of this program is that it is not limited to specific property locations or census tracts. This means that borrowers in any part of the country can take advantage of the program, as long as they meet the eligibility requirements.
This groundbreaking program represents a significant shift for families who have been stuck in the cycle of renting. It aims to make homeownership more accessible and achievable for individuals who may have felt that it was out of their reach.
For more information about the 1st Gen loan program, interested individuals can call the dedicated hotline at (888) 704-1GEN (1436). General information about Panorama Mortgage Group can be found on their website at www.PMGLLC.com.
About Panorama Mortgage Group:
Panorama Mortgage Group, LLC (PMG) is a nationwide independent mortgage bank that has been serving borrowers since 2007. With licenses in forty-three states, PMG focuses on providing innovative mortgage solutions to promote sustainable homeownership and build generational wealth in minority and underserved communities.
The article discusses the new 1st Generation Homebuyer (1st Gen) loan program launched by Panorama Mortgage Group. To add to the discussion, let’s explore some facts and trends related to the current market for first-time homebuyers.
Current Market Trends:
1. Increasing Demand: The market for first-time homebuyers has seen a surge in demand in recent years. Many millennials are entering the housing market, contributing to this trend.
2. Limited Inventory: The availability of affordable homes suitable for first-time buyers has been a challenge in some areas. Limited inventory can lead to increased competition and higher home prices.
3. Low Interest Rates: The current low-interest-rate environment has made homeownership more affordable for first-time buyers, as it reduces monthly mortgage payments.
Forecasts:
1. Continued Demand: The demand for affordable housing is expected to remain strong, fueled by the growing population of first-time buyers.
2. Increasing Interest Rates: While interest rates have been low, forecasts suggest that they may start to rise gradually. Higher interest rates can impact affordability for first-time buyers.
Key Challenges or Controversies:
1. Affordability: Affordability remains a significant challenge for many first-time buyers, especially in regions with high housing costs.
2. Debt and Credit Requirements: First-time buyers often face challenges associated with student loan debt and limited credit history, making it harder to qualify for mortgage loans.
3. Down Payment: Saving for a down payment can be a significant barrier for first-time buyers, limiting their ability to enter the housing market.
Advantages of the 1st Gen Loan Program:
1. Inclusive Eligibility: The program targets first-generation homebuyers, expanding the definition of eligible borrowers.
2. Grant Down Payment Assistance: The 2% grant provided by the program does not have to be repaid, aiding buyers with upfront costs.
3. Nationwide Availability: The program is not limited to specific property locations, allowing borrowers from any part of the country to participate.
Disadvantages:
1. Limited Information: The article does not provide detailed information about eligibility criteria or any potential restrictions associated with the 1st Gen program.
2. Program Specifics: It would be beneficial to know more about the loan terms, interest rates, and any income or credit requirements for applicants.
For more information about the 1st Gen loan program, interested individuals can visit Panorama Mortgage Group’s website at PMGLLC.com.
Sources:
1. National Association of Realtors: link
2. Freddie Mac: link
3. Forbes: link