What is the NeighborWorks® of Pueblo Full-Cycle lending program?  This is a program designed by NeighborWorks® of Pueblo that helps low to moderate-income families purchase their home.  Full-Cycle Lending is a system of borrowing, as well as of lending – a consumer-friendly approach that takes seriously the needs of lower-income buyers and the barriers they face to achieving the dream of home ownership.  Families overcome the barriers to homeownership as the process is demystified, they save for a down payment, and they secure their home and mortgage.  Lenders invest with confidence about an owner’s ability to repay their mortgage.  Local government officials take pride in watching their neighborhoods change.  More and more homeowners will stake a claim in their communities, enhancing the tax base and contributing to overall community renewal.

The components of the program are:

Orientation  

NeighborWorks® of Pueblo's Loan Specialist will meet with you in a group setting and will inform you of the estimated mortgage amount you are eligible to obtain based on current income and debt ratios.  

Counseling

 NeighborWorks® of Pueblo works with you to prepare you for the rights and responsibilities of home ownership. Since 1996, more than 1,800 families haveattended NeighborWorks® of Pueblo’s counseling sessions.    

Referral to Lender

 Armed with a pre-application loan package, you will select a participating lender.  

Inspection

After you find a home, it is then inspected at no charge to you.  This is done to determine the health and safety and to ensure compliance with building codes.  NeighborWorks® of Pueblo can also offer construction expertise to manage any rehabilitation necessary.  At NeighborWorks® of Pueblo, we strive to ensure that you purchase a safe home - a home that will last a lifetime and a home that is worth your money! 

 Gap Financing

NeighborWorks® of Pueblo bridges the gap to help you with down payment and closing cost assistance.  NeighborWorks® of Pueblo can also assist with principal buy down or rehabilitation work done on a home.    

Closing

Once you are approved for financing, NeighborWorks® of Pueblo's Loan Specialist coordinates with the lender to ensure that the loan is properly closed.

Post-Purchase Counseling

On a quarterly basis, NeighborWorks® of Pueblo conducts a Post-purchase Counseling class for new homeowners, which helps the client with maintenance and repair of their property, the importance of maintaining credit worthiness, and understanding predatory lenders.  This counseling provides early intervention for delinquency and foreclosure prevention. Y