Indianapolis Mother Purchases First Home with Mortgage from Local CDFI
Client: Nora Harris
Client Location: Indianapolis, IN
CDFI: Indianapolis Neighborhood Housing Partnership (INHP)
CDFI Service Area: Indiana
Financing, with support from the Finance Justice Fund
Nora wanted to become a homeowner so she could provide a pleasant, safe, and healthy environment for her son to grow up in. She also wanted the ability to pass down a home to future generations of her family. When she needed support turning her goals into reality, she contacted Indianapolis Neighborhood Housing Partnership (INHP).
As a first-time homebuyer, with an income that is 44% of the area median income, Nora qualified for INHP’s Mortgage Accelerator, an innovative mortgage product designed to expedite wealth accumulation for home buyers with low and moderate incomes. The product enables families to gain the benefits of a shorter loan term (20 years compared with a standard 30-year mortgage) without a significant increase to their principal and interest payments that normally accompanies the reduced time frame.
“INHP had a positive impact on me during my homeownership journey! They taught me helpful budget management techniques, educated me on building and maintaining good credit, and they were amazing with explaining the process and helping me every step of the way! We couldn’t be any happier with our new home!” shared Nora.