GlobeNewswire

Diamond Residential Mortgage Corporation Launches the Diamond Community Advantage Program (DCAP) to Strengthen Underserved Communities

2024-07-10T17:06:48Z

DRMC's New Initiative Provides Significant Financial Benefits to Eligible Borrowers

Lake Forest, Il, July 10, 2024 (GLOBE NEWSWIRE) -- Diamond Residential Mortgage Corporation (DRMC) is excited to announce the launch of the Diamond Community Advantage Program (DCAP), a fair-lending initiative designed to support homeownership in under-served target census tracts within Lake County, Indiana, and Cook County, Illinois.

DCAP aims to make the dream of homeownership a reality by providing significant financial benefits to eligible borrowers. This program underscores DRMC's commitment to fostering financial inclusivity and empowering local communities.

"At Diamond Residential Mortgage Corporation, our primary objective has always been to ensure reliable mortgage solutions for every deserving individual. This enhancement emphasizes our ongoing effort to strengthen communities, ensuring broader homeownership accessibility," said Paul Diamond, CEO of DRMC.

Key Features of the Diamond Community Advantage Program: 

  • Generous Lender Credit: Eligible borrowers can receive a lender credit of up to $3,000* to assist with closing costs, down payment buydowns, or other permissible items.
  • Amplified Benefits: DCAP works in conjunction with local Down Payment Assistance Programs, including those provided by the Indiana Housing and Community Development Authority (IHCDA) and the Illinois Housing Development Authority (IHDA), allowing borrowers to maximize their financial assistance.
  • Government-Backed Mortgages in Cook County: Only government-backed mortgages are eligible in Cook County, ensuring additional support and security for borrowers.

"The Diamond Community Advantage Program represents our commitment to making homeownership accessible to everyone, particularly in underserved areas. By providing lender credits and partnering with local housing authorities, we aim to remove financial barriers and support the dreams of many potential homeowners," said Dom Garrett, Senior Vice President of Marketing and Communications at DRMC.

The launch of DCAP is a testament to DRMC's dedication to creating a positive social impact through responsible lending practices. By focusing on underserved areas, DRMC aims to contribute to the economic growth and stability of these communities. Dedicated loan officers will provide personalized support and education throughout the home-buying process, creating an approachable lending experience. Additionally, DRMC offers a variety of loan programs to meet the unique needs of each borrower, even if they do not qualify for DCAP.

For additional information about the Diamond Community Advantage Program and its benefits or to GET STARTED, please visit https://hs.diamondresidential.com/diamond-community-advantage-program

About Diamond Residential Mortgage Corporation: Diamond Residential Mortgage Corporation is a mortgage lender with corporate headquarters in Lake Forest, Illinois, licensed to originate and service mortgage loans in 21 states. DRMC is approved to originate FHA, VA, USDA, and conventional mortgage loans and several mortgage loan products offered by private investors. It is an approved Freddie Mac and Fannie Mae Seller/Servicer and Ginnie Mae Issuer. Founded in 2009 by Paul Diamond, DRMC has since expanded to over 30 branch locations across the United States. DRMC is not affiliated with or acting on behalf of or at the direction of any governmental body or agency. DRMC is an Equal Housing Opportunity lender, NMLS #186805, NMLS Consumer Access.

For more information, visit https://diamondresidential.com/.

CONTACT: Dom Garrett
Diamond Residential Mortgage Corporation
847-737-5626
[email protected]