Info

The mission of Manna Mortgage is to help low and moderate income individuals and families obtain stable purchase and refinance mortgages with low rates, low fees, and good terms. By so doing, Manna Mortgage helps to expand and preserve homeownership and to revitalize distressed neighborhoods by helping to build family wealth and stability and community commitments in traditionally underserved neighborhoods in Washington, DC. Manna Mortgage is the first and only nonprofit mortgage loan company in Washington, DC. Manna Mortgage is a subsidiary of Manna, Inc. a nonprofit developer and builder of affordable homes in Washington, DC for 25 years. Manna Mortgage is a different kind of mortgage company that puts borrowers first. As a mission-driven nonprofit organization rather than a profit-driven company, Manna Mortgage: Cares about designing mortgage structures which best meet our borrowers' needs. We design long-term solutions. Educates clients and explains all mortgage terms and procedures. We work to make the mortgage process as simple clear and easy as possible. Our borrowers are not kept in the dark. Works to save money for our borrowers. We don't work to make extra money for Manna Mortgage. Assures competitive interest rates, terms, and fees. Seeks to help those who need help the most. We aim to serve those who are not generally well served by many mortgage companies and banks. Serves as an alternative to "subprime" mortgage lenders and brokers. Subprime loans are offered as short-term "solutions" for people with poor credit, high debt, and low income but subprime loans come with very high fees, interest rates and adjustable rate changes as often as every six months. Borrowers are often forced due to increasing monthly payments to repeatedly refinance at ever increasing costs. Helps borrowers avoid "predatory lending" practices. These are unsavory practices designed to take away the equity from people's homes by charging very high fees and costs. Requires all borrowers to complete a homeownership education program. Research has shown that such education leads to very low rates of default, which is good for families and the community. Advises people right away if they are not "mortgage-ready" and recommends a course of action. While we are able to help many persons who do not think they can become homeowners, or homeowners who do not think they can refinance at competitive rates and fees, we cannot help everyone to get a mortgage right away. And we feel it would be a disservice to such people if we were to help them get a loan. We refuse to put people into "bad" mortgage loans (with high rates, high fees, prepay penalties, and frequent rate adjustments) just to get them into a home or to get them cash through a refinance. Strives to provide exemplary mortgage products and service to each client.