- Community Development
Lexington resident Tara Stacy loves being a new homeowner and still finds it hard to believe she can own a home for a monthly payment that’s less than half the amount of her previous rent.
Stacy, who received a mortgage loan through Community Ventures’ new American Dream Loan Fund (ADLF), hadn’t been able to qualify for a loan through local banks. She became the first borrower through the new fund and purchased the three-bedroom home in late 2013.
ADLF is an innovative approach to housing finance that offers more flexibility than traditional mortgage products, and Stacy says she wouldn’t be a homeowner today if it weren’t for the fund.
Says Stacy, a single mother of two, “My son is autistic and has a lot of medical and therapy bills, not to mention the time I have to take off work. I have a college education and great job, but it’s still hard to save money.”
She elaborates, “I was a first time homebuyer, so I was unfamiliar with almost every aspect of the home buying process. I called my loan officer, Kim Farmer, at least once a day to help me deal with the stress. I felt that Kim wanted me to own a home as much as I did!”
Purchasing a home remains an integral part of the American Dream. However, many potential buyers like Stacy have found it difficult to find a loan that they can truly afford and maintain.
A benefit of the American Dream Loan is that it delivers more than the monetary funds to purchase a home. Borrowers also receive homebuyer education courses to help navigate through the complicated home acquisition and financing process, empowering homeowners to make the best choices.
“The American Dream has impacted my life tremendously. I am able to own a home for less than half of my previous rent,” Stacy says. “I have a yard where my children can play. Autistic children, like my son, feel the world differently because of their sensory issues. My son likes to play outside and have his own space, and most importantly, he needs stability. We now have that in our own home.”
The American Dream Loan was made possible with the support of Community Ventures’ bank partners. Five banks—Cumberland Valley National Bank, Kentucky Bank, PNC Bank, Republic Bank, and Traditional Banks—have committed $5 million to the program, with PNC Bank also agreeing to purchase another $5 million of these loans.
The American Dream Loan Fund creates opportunities for people to live in affordable homes, improve their lives, and strengthen their communities. Since the program’s inception in January, the American Dream Loan Fund has helped eight Kentucky residents make their dreams of homeownership a reality!