CRA Eligible Loans & Investment
Let’s work together to strengthen our community.
We make it easy for you to deliver on your Community Reinvestment Act (CRA) program needs and have an immediate and lasting impact on your community.
How can your financial institution partner with Homewise?
By extending a CRA-eligible loan or investment to Homewise, you can help impact the lives of low-to-moderate income individuals and families in your service area and contribute to greater economic development and vibrancy in our communities.
How does your financial institution benefit from this partnership?
Standardized CRA reporting: We have the experience to know what information you need and provide timely comprehensive reporting.
Quick deployment of capital: Our mortgage lending programs get you faster CRA results.
Impact and contribution to greater community development:
We work in collaboration with City officials, local community coalitions, and development corporations to partner in our comprehensive efforts to revitalize key neighborhoods targeted for economic growth.
Homewise is a certified CDFI, helping you meet your CRA investing requirements.
What are the typical loan terms?
While we do have preferred loan terms as listed below, we are flexible to your lending and investment needs and goals. Let us know what you would like to achieve and how we can help you get there.
- Preferred Minimum Loan Amount: $1 million or more
- Preferred Minimum Loan Term: 10 years or longer
- Preferred Interest Rate: 3% or lower
- Loans are fully collateralized with performing mortgages.
- Any mortgages used as collateral that become 90 days delinquent are replaced with performing mortgages so that the loan is always fully collateralized with performing mortgages.
- Homewise mortgages are high quality loans, as evidenced by our low 30-day delinquency rate of just 1.62%. In comparison, the FHA 30-day delinquency rate is 8.42%. (Rates as of June 30, 2016).
Homewise was founded in 1986 as a Santa Fe based nonprofit organization to help people achieve their homeownership goals. In 2012, we opened our second location in Albuquerque, operating under the name Homestart. Since our founding in 1986, over 13,500 households have attended our financial educational workshops. During that time, we’ve assisted over 3,600 people purchase homes, helped over 2,000 make energy efficient home improvements, refinanced more than 600 mortgages, and built over 600 high-quality, affordable homes.