Premium Mortgage Corporation Sees Growth in Their Neighborhood Vitality Program

ROCHESTER, N.Y., Oct. 7, 2021 /PRNewswire/ -- The New York State-based mortgage lender, Premium Mortgage Corporation, launched their Neighborhood Vitality Program in March of 2021 to help cultivate homeownership in majority minority target areas across the state. Since its inception earlier this year, the growth has been significant. As compared to the loans closed in these targeted areas between January and September of 2020, the company has seen a 38% increase year-over-year in units closed and a 48% increase in originated funds closed between that same timeframe in 2021.

Initially, the Neighborhood Vitality program was established with a special financing fund of $500,000 to further incentivize the purchase of homes in historically underserved communities. The company is poised to surpass this goal and are now funding additional grants up to $2 million. A commitment Mike Donoghue, Premium Mortgage Corporation's President, believes is crucial. "We did not just want to throw money at the problem – that is easy – anyone can do that. We wanted to find a way to get the money into the hands of those that need it and can use it to enrich their neighborhoods."

These monies continue to be advertised and dispersed through Premium Mortgage Corporation's unique proprietary software that identifies properties in underserved communities for which the incentive is available, and promotes the incentive to real estate agents and consumers in a manner that encourages the purchase of real estate in these targeted areas. "I am proud to work with a group of people who are both innovative and community centric," said Donoghue. "We are utilizing the latest technologies to benefit our communities and address problems whose roots date back to their very beginnings."

Premium Mortgage Corporation has been connecting with various community-focused organizations and offering educational opportunities on the Neighborhood Vitality program. The company hopes to be an example for other banks and mortgage lenders, illustrating the importance of achieving homeownership for families in the communities they serve.

About Premium Mortgage Corporation
Headquartered in Rochester, New York, Premium Mortgage Corporation serves residential real estate markets across upstate New York, Florida, Vermont, Massachusetts, Connecticut, Pennsylvania, Ohio, Texas, and Nebraska. Since opening in 1999, the company has grown to over 200 employees and attributes its success to matching mortgage financing to individual clients' needs, while also giving excellent customer service to real estate agents in the community. For ongoing mortgage news, please visit: www.premiummortgage.com and follow Premium on Facebook, LinkedIn, and Instagram.

SOURCE Premium Mortgage Corporation