The loan you’re about to get may not be a loan you’ll ever need, but it could be the one you’re considering for the first time.
Evergreen Home Loans, a subsidiary of Navient, is about to begin offering its first home loans to borrowers, who can qualify for the loans if they have a current mortgage or if they’ve lived in a home for less than three years.
The loans are designed for people who can’t afford a conventional mortgage.
The loans are for up to $400,000, and borrowers will be able to borrow up to three times that amount.
The company’s chief executive officer said in a news release that the loans will help borrowers make the move to a more sustainable lifestyle.
“The goal is to make the transition from a traditional mortgage into a new home loan that’s affordable for those who can afford it, while making sure the borrowers have the stability to build a better future for themselves and their families,” says Jennifer Lee, who will serve as CEO of Evergreen.
Lee has been the CEO of the company since 2013, and she previously worked at JPMorgan Chase and UBS, where she oversaw a team that oversaw the purchase of $1 trillion in subprime mortgage securities.
EverGreen Home Loans is partnering with the Federal Housing Finance Agency to help borrowers navigate the process of applying for their first home loan.
The loan process involves reviewing a variety of documents, including an application and income verification form, and paying an application fee of up to 25 percent of the amount of your monthly mortgage payment.
The process of buying your first home will take about a year, Lee says.
Evergreen will offer the loan to first-time homebuyers at the end of June.
In addition to Evergreen, Navient has been working with lenders like Citi, Capital One, Chase, Fannie Mae, and Wells Fargo on loan programs.
Citi, for instance, has begun accepting first-year borrowers in partnership with Evergreen Home loans.
Capital One announced in March that it will be offering loans for first-timers at $500,000.
Wells Fargo announced in July that it would begin accepting first year homebuyer loans at $1,000 per month.
Citigroup also announced in August that it was beginning to offer loans to first time homebuyrs at $3,000 a month.
Wells Capital is also offering loans to up to one-year-olds for up a total of $250,000 for first time homeowners.
Bank of America has also launched a program, called Home Loan Forgiveness, to help people refinance their mortgages.
The company said in March it would be launching a program for first home buyers that would allow borrowers to refinance up to 5 percent of their mortgage payments in the first two years.
Fannie Mae announced in September that it plans to offer a program that would help borrowers refinance loans up to 10 percent of payments.