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YNDC Loan Program Helps Families Qualify for a Mortgage - WKBN

The Youngstown Neighborhood Development Corporation (YNDC) is hoping a new loan program will help get more families into their forever homes and help revitalize local neighborhoods at the same time.

One year ago, Jonathan Ellis never dreamed his family would own their own home today. Ellis said they were looking for a house to raise their children in and make memories.

They found the Youngstown Neighborhood Development Corporation’s Community Loan Fund program and after a lot of hard work, they moved into their new home in August.

The program teams up with families who wouldn’t qualify for a traditional bank loan and helps them get their finances in shape. They build a savings account, improve their credit score, and learn about budgeting. Then, they qualify for a YNDC house.

“We just don’t want homeowners. We want healthy homeowners that are in great homes that they can afford and maintain over time,” said YNDC Housing Director Tiffany Sokol.

In three years, YNDC’s program has had a 100 percent success rate. Sokol said no one has defaulted on their loan.

With a track record like that, Cortland Banks stepped in when they heard funding for the program was running short. The bank will underwrite the loans and new homeowners will go through all the same financial counseling with YNDC.

“It means everything. It is just such a phenomenal blessing,” Ellis said. “We are so grateful first and foremost to God and secondly to YNDC for allowing this dream of ours to take form.”

It took the Ellis family 10 months to get into their new home. Ellis said if he can do it, anyone can.

“Go after it. Follow it. Just try. Worst case scenario is you don’t obtain it right away but with time and effort you can,” Ellis said.

To read the full story from WKBN, click here.