A new loan program designed to help first-time homebuyers has been introduced by retail lender New American Funding.

New American has launched several new loan programs under its “Pathway to Homeownership” initiative, which offers up to $8,000 in assistance to qualified borrowers. The lender noted that the funds are available to first-time homebuyers and are not a loan to be repaid.

In a statement, the company said “It’s New American Funding’s investment in the next generation”. In more than 20 years, New American Funding has helped deserving individuals and families achieve their American Dream of home ownership. Through an emphasis on helping people in underserved communities buy their first homes and helping those across the country, the company has grown into one of the country’s largest lenders.

Patty Arvielo, President of New American Funding, said their company assists underserved individuals in becoming homeowners. People from all walks of life who are otherwise qualified can take advantage of the Pathway to Homeownership initiative to overcome the initial hurdles of purchasing a house. As a company that values its future, Pathway to Homeownership will allow it to assist more people in buying homes than ever before.

Boosting homeownership among Hispanic and Black communities is the company’s latest initiative through the program. A partnership with EasyKnock allowed New American Funding to offer sale-leaseback loans to its customers in January.

Jarred Kessler, CEO of EasyKnock, said around a quarter of American homeowners cannot tap into their own equity due to strict lending restrictions, and the company has partnered with New American Funding to address this issue. Their mutual goal is to improve housing stability for their mutual customers, allowing them financial flexibility, liquidity, and control.