Transforming the Nation One Community at a Time.
The Community Development Financial Institutions Fund (CDFI Fund) offers tailored resources and innovative programs that generate economic growth and opportunities for distressed communities around the nation. By combining federal capital alongside private funds, the CDFI can take a market-driven approach to support economically disadvantaged communities. The CDFI encourages mission-driven institutions to join this initiative and make a significant impact on these communities.
Each business financed, each job created, and each home built represents a critical step in the transformation of a life, a family, and a community.
How Are We Involved?
Filling the lending gap for the financially underserved.
While big and small lenders continue to exit the market for lending to underqualified and low-income consumers, Quontic recognized the opportunity to fill the gap and offer loans to these individuals.
Quontic’s focus on low-income, financially underserved consumers and businesses is the core to their business philosophy in customer service.
Quontic has adopted a loan process which identifies products to fit the needs of a diverse range of customers. This includes reverse mortgages (HECM’s) to low income seniors, Community Development loans, FHA loans, VA loans, and agency-eligible loans when it makes sense to take advantage of those programs.
Quontic connects eligible consumers with cost-assistance programs and frequently provides educational assistance until a person is loan-ready. In partnership with Neighborhood Housing Services (NHS), Quontic offers a downpayment assistance program. Quontic also offers a 2% closing cost grant for homebuyers in certain low-income census tracts and several free homeownership educational programs. Quontic also addresses the needs of prime borrowers with large financing requests.
With the success of this business strategy, Quontic continues to offer affordable mortgage products across the nation.
Many Americans have complicated financial circumstances that prevent consideration by traditional lenders. Flexible underwriting makes it possible for even very low-income consumers to acquire homes and income-generating properties. Non-traditional underwriting may also provide the assistance many immigrants need.
Quontic offers certain loan programs which accept alternative income and/or credit documentation and provides Individual Taxpayer Identification Number (ITIN) loans. Quontic finds many aspiring low-income borrowers to be savers. Often, they don’t meet standard debt-to-income (DTI) criteria but can pull together substantial down-payments and fund reserves to meet additional requirements.
Quontic also accepts gifted equity from family and uses prospective income and cash flow for loan qualification purposes.
Flexible Loan Programs
Quontic’s Community Development Loan program is perfect for self-employed, low-income, or other consumers who can’t provide standard income documentation (W-2’s, pay stub, tax returns, etc.) and don’t meet credit-history ATR requirements.
A High DTI, up to 100%, family gifts, and future income/cash-flow are acceptable for non-owner-occupied income-producing properties. Flexible lending makes credit work for families who share housing with multiple generations or pool resources to achieve property ownership.
This flexible lending model honors the diverse communities Quontic serves.
Family & Economic Impact
Quontic helps consumers with economic constraints qualify for mortgage loans, access cost assistance programs, and practice skills to maintain their assets. These resources give consumers the power to improve their financial well-being through equity and rental income.
Another benefit of providing business loans to new and young firms is the creation of new jobs. This helps individuals find work who may not be served in a larger labor market.
As a CDFI, Quontic has more flexibility to structure safe, affordable loans to address unmet demand. Concerning business lending, Quontic has a leg-up on the competition. By offering SBA loans and access to NY CAP program, Quontic can broaden financing options for consumers.
Our Advisory Board
Combining knowledge and expertise to achieve our philanthropic mission.
Our Community Development Advisory Board’s invaluable guidance is vital in fulfilling Quontic’s mission to serve low-income families and communities. The CDAB is a combination of directors, managers, and outside financial professionals that assist Quontic in allocating the resources and services necessary to aid the needs of low-income consumers.
Chris Mayer, Ph.D
Saurabh Narain has led the CDFI certified National Community Investment Fund (NCIF) as President and CEO since 2006. The NCFI—an Impact Investor established as a non-profit private equity fund that has generated more than $7 billion in development loans since 1998—reflects Saurabh’s passion for maximizing access to banking products in underserved markets.
Mr. Narain pioneered BankImpact.org to promote impact measurements for U.S. banks—which has since become an industry standard. He has also spearheaded a team that generates transactional, institutional, and permanent impact in the U.S., and maintains robust relationships among CEOs of banks, federal regulators, investors, and policy practitioners.
Over the years, Saurabh participated in policymaking and advocacy bodies by acting as a member in the Consumer Advisory Council, the Federal Reserve (2008-2010) chaired by Governor Elizabeth Duke & Chairman Ben Bernanke, the Minority Depository Institutions Council, and OTS (2009-2010).
Diane Yentel, a graduate from The University of Texas, is the President and CEO of the National Low-Income Housing Coalition: a membership organization solely dedicated to achieving socially just public policy. As President and CEO of the NLIHC, Diane has cultivated over two decades of experience in housing policy and advocacy. She focuses her expertise towards ensuring that persons with the lowest incomes in the United States have affordable and decent homes.
Previously, Diane was the Vice President of Public Policy and Government Affairs at Enterprise Community Partners. It was here that she led research and advocacy programs for federal, state, and local policy. Before joining Enterprise, Diane was the Director of the Public Housing Management and Occupancy Division at the U.S. Department of Housing and Urban Development. She managed a team that oversaw the development and implementation of national public housing policies, procedures, and guidelines. Diane has also worked to advance affordable housing policies with Oxfam America and the Massachusetts Coalition for the Homeless and spent three years as a community development Peace Corps Volunteer in Zambia.
Loans are subject to approval. Additional eligibility requirements, terms, conditions, fees & exclusions apply. Quontic Bank is not affiliated with or acting on behalf of the Federal Housing Authority (FHA) or any government agency or government-sponsored entity. Not all products are available in all states or for all amounts.