Restoring the Dream

Predatory Lending is a terrible lending practice designed to take away your home equity.  There are many problems associated with predatory practices.  Here are a few:   

• High interest/fees
• Broken promises
• Balloon payment
• Loan flipping
• Large prepayment penalties
• Cash or other incentives
• Income padding
• Inflated appraisals
• Signing over the deed
• Unnecessary insurance

We may be able to help you get better financing terms through a program called "Restoring the Dream," in partnership with Toledo Fair Housing Center and FannieMae.  Credit problems that occurred after the predatory loan are not a disqualifier if it can be shown to be because of your loan terms.  Please call to determine if you qualify.

Restoring the Dream: Information

• $30,000 maximum loan limit
• 15 year loan term
• NODA 1st or 2nd position mortgage
• 1-2 unit properties
• Owner-occupied only
• Properties located in NODA’s service area
• No mortgage insurance
  
• No excessive closing fees