NASB is Helping Potential Home Buyers Achieve their Goal of Home Ownership with their DREAM POSSIBLE Home Loan
North American Savings Bank (NASB), a full-service, community bank headquartered in Kansas City, MO launched its new Dream Possible Home Loan in June in conjunction with National Home Ownership Month. This unique program provides eligible buyers up to $6,500 off their home purchase or refinance through closing cost or down payment assistance and waives the bank’s origina-tion fee. *
How did NASB develop their new Dream Possible Home Loan?
When considering our new loan product, we listened to our community and focused on ways to help remove barriers that were keeping potential home buyers and existing homeowners on the sidelines, things like saving for a down payment or closing costs. We want to see our community thrive and prosper through home ownership. This is why the Dream Possible Home Loan program’s eligibility is fo-cused on Greater Kansas City area counties and qualified either based on income level or census tract. * Home own-ership is more than just a roof over your head. It provides confidence, stability, builds equity and can be a great tool to expand personal and generational wealth.
What are the most significant barriers to homeownership in today’s market?
High interest rates are the most significant barrier everyone thinks of right now. But it’s more than rates. Escalating costs of everyday items like food, gas, and housing have chipped away at people’s paychecks, decreasing the amount of money they have available to put into savings for a down payment or closing costs. We’re starting to see less of the ultra-competitive, multiple above-asking price offers we saw during 2020-2022, but competition still exists, espe-cially at the price points that are affordable to most people. I wouldn’t let that discourage anyone though. A good realtor who knows how to work with you and your lender can be an asset on your side.
In what other ways does NASB help the Greater Kansas City community achieve their home ownership goals?
NASB is a strong community partner working with organizations throughout the city to provide financial education to those dreaming of buying a home. By listening to the challenges our perspective home buyers share, we are able to help dispel common misconceptions on the home buying process and better assist and educate our community and real estate partners on how they can help the individuals they serve overcome barriers that may currently stand in their way.
What do you think the housing market might look like in the future?
Given the shortage of single-family homes in the country, the cost of building materials, and strict builder regulations, it’s anticipated that the housing market might take several years to catch up to the current demand. Meanwhile, the nationwide average cost of homes is expected to continue to increase year-over-year, albeit slower than we’ve seen the last couple of years. All of this to say, it’s imperative that we reach out to our community partners who have pro-grams and services that help future home buyers so we can spread the news about NASB’s Dream Possible Home Loan and share educational training where the opportunities present themselves.
For more information about NASB’s Dream Possible Home Loan or how NASB can help you with a home loan, visit nasb.com/dream or call Beverly Smith, CRA Loan Officer, NMLS ID# 544213 directly at (816) 508-2102.
*To qualify, the subject must be located in a qualifying county (Buchanan, Cass, Clay, Jackson, Lafayette or Platter in Missouri; and Johnson or Wyandotte in Kansas) and either applicant income level must be less than 80% of the Area Median Income or the property must be located in a ‘low’ or ‘moderate’ income census tract. The Dream Possible Home Loan is not available for all products or loan types. This program is not eligible on portfolio products. The program benefit in the form of down payment assistance is available only for conventional conforming purchase loans on a primary residence qualified by the applicant’s income level. Closing cost assistance provided may not exceed actual closing cost. Eligibility for the Dream Possible Home Loan is separate from loan approval, which is still required.
