Nontraditional loans, grants make homeownership a reality for local woman

Tamu Walters Calhoun achieved her dream of homeownership after 17 cash loan columbus oh years of renting when she purchased a home in Franklinton with the help of Fidelity Homestead Savings Bank.

Calhoun, a certified addiction counselor, was able to make the purchase two years after opening an Individual Development Account (IDA) at Fidelity, which matched her savings with additional funds and helped her qualify for a Louisiana Housing Finance Agency grant.

“There seems to be a lack of awareness, particularly short term loan bad credit lenders within African-American communities, of programs that have helped make homeownership a reality for many. While requirements are more stringent than in recent years, even if you have less than perfect credit there are still safe and secure mortgage financing options available,” explained Prax Melancon, a retail branch manager with Fidelity. “Fidelity has several knowledgeable loan officers who can evaluate your financial situation and help you get the financing you loans with bad credit in pa need to fit your budget.”

An IDA, which can be opened with as little as $25, assists first-time homebuyers by providing matching funds for down payment and closing cost assistance. Bonds to help offset costs are available through Orleans and Jefferson parishes in addition to the one Calhoun received through Louisiana Housing Finance Agency.

Some homebuyers also have access to Homebuyer Equity Leverage Partnership (HELP) grants and how to get loans online Fidelity Community Development Initiative (FCDI) loans.

Now that Calhoun is settled into her first home, she and her two teenage sons are enjoying their new home complete with a spacious backyard for barbecuing, impromptu football games and their first garden.

This article was originally published in the November 28, 2011 print edition of The Louisiana Weekly newspaper