May 4, 2022
Grow your book of business by tapping into the $1 trillion market available through CDFI funding.
Perhaps you’ve seen the acronym, but you are unsure of how a CDFI can benefit your borrowers and your bottom line. As one of few mortgage lenders who are CDFI certified, Champions Funding LLC offers our hassle-free loan programs to allow you to tap into underserved communities' $1 trillion market while offering minimal conditions and streamlined approvals. Let’s break down what these institutions are and what they can bring to your mortgage business.
A CDFI is a Community Development Financial Institution that plays a vital role in providing equity in homeownership. These organizations are uniquely poised to assist underserved communities, these organizations lend to diverse individuals and businesses to spark economic growth in areas with historically limited access to funding.
To earn CDFI certification from the Department of the Treasury, a bank, credit union, loan fund, or venture capital fund must meet the necessary eligibility requirements. These include, but are not limited to:
· Have a set primary mission of supporting and promoting community development
· Empower borrowers with financial and educational services
· Serve a defined target market
If you're a mortgage broker or loan originator, it's time to partner with a CDFI certified non-QM lender like Champions Funding. This mission-focused lending is an opportunity to serve the underserved, but it also can boost your business by opening up opportunities for those borrowers who have been boxed out of traditional financing. This unique program invests federal dollars alongside borrower contributions to make the dream of homeownership a reality.
Eligible borrowers can take advantage of this specially designed program with no DTI calculation. Loan amounts go up to $3 million for borrowers with FICOs down to 640. Find out more about our Ally Consumer - No Ratio program on the full guidelines.
