FIRST TIME HOME BUYERS
THE AMERICAN
DREAM
One of the most fundamental foundations of the American Dream is homeownership. Access to homeownership is not available to everyone, especially low to moderate income families. Magnolia CDC is dedicated to assisting the potential homeowner by providing programs designed to educate and prepare the homebuyer in purchasing and long term ownership. To that extent, Magnolia CDC has partnered with two other nonprofit organizations to develop and implement the Pathway Home Initiative, developed to assist low to moderate income families in achieving the American Dream.
THE PATHWAY
INITIATIVE
Magnolia CDC’s role in implementing the Pathway Initiative includes assisting in the First Time Homebuyers’ Seminar designed to educate the first time homebuyer by providing access to information in the areas of financing, insurance, home inspection, budget and credit counseling.
Magnolia CDC has also assisted one of its First Time Homebuyers’ Seminar participants by constructing a home specifically designed and affordable for the new homeowner.
CERTIFIED HOME ASSISTANCE
Magnolia CDC is a certified USDA 502 Loan Packager and will assist first time homebuyer by providing low to moderate income families access to USDA mortgages specifically designed for them. The program provides 100% financing with interest rate as low as 1% depending on the income level to rural families. Magnolia CDC is designated by Lafayette Consolidated Government as a Certified Housing Development Organization (CHDO). This designation provides access to CDBG and HOME funds specifically targeted for CHDO’s and its targeted market, low to moderate income families.