In The News
Charter Bank⋅Mortgage⋅Insurance And Partners Work Together To Homeownership To New Heights
Albuquerque, N.M. (02/01/06) Charter Bank⋅Mortgage⋅Insurance in partnership with Freddie Mac (NYSE: FRE), United South Broadway Corporation (USBC), Charter Mortgage, the Enterprise Foundation and Consumer Credit Counseling Services (CCCS) of Albuquerque announced a unique initiative to help raise homeownership to new heights in Albuquerque. The program was initially launched at the Albuquerque Balloon Fiesta and is now moving forward. The initiative includes the use of new technologies to help housing counselors determine the mortgage readiness of their clients. The theme of the program is "Raising Homeownership To New Heights."
To prepare potential homeowners for the challenges of homeownership, CCCS and USBC will conduct homebuyer education and credit counseling, with support from The Enterprise Foundation. USBC also will offer down payment and home purchase rehabilitation assistance. Monthly homebuyer classes are held at USBC, John Marshall Building at 1500 Walter SE, Albuquerque. The next class will be held on February 18, 2006 from 9:00 a.m. to 3:00 p.m. Lunch will be provided. Information in the classes will include all information about credit reports, budgeting, how to get ready to own a home, and mortgage documents. Reservations are required to attend the classes. Contact USBC for more information, 505-764-8867.
A new mortgage financing product that may be used with this initiative is Freddie Mac's Home Possible(SM) mortgage, available through Charter Mortgage. The Home Possible mortgage features zero and three percent down payments and flexible credit requirements to help low and moderate income borrowers qualify for a conforming conventional mortgage for a single family property with as little as $500 of the down payment or closing costs coming from their own funds.
As one of the nation's largest investors in residential mortgages, Freddie Mac will purchase eligible mortgages from Charter Mortgage. "Consumer education is such a critical part of successfully owning a home that Charter Mortgage has provided office space to credit counselors for the last five years," said Glenn Wertheim, CEO/President of Charter Bank Mortgage Insurance. "Through our partnership with Freddie Mac, CCCS and USBC, we can help ensure more people are prepared to make their dream of homeownership come true."
"United South Broadway Corporation is pleased to be a part of this team. As the cost of homes keeps rising, it takes collaboration to bring the needed resources to ensure homeownership for all Albuquerque residents," said Margy Hernandez, executive director, USBC. In addition, USBC and CCCS will use Freddie Mac's Loan Prospector® Outreach, the first-of-its-kind tool to help housing counselors assess the readiness of their clients to apply for a mortgage. With Loan Prospector Outreach, the housing counselor inputs the client's data into a web-based system that can pull and assess a credit report. Loan Prospector Outreach conducts a client assessment in just minutes, indicating whether the client is ready to apply for a mortgage with a lender or if they need to continue counseling. Charter Mortgage is working with USBC and CCCS to utilize Loan Prospector Outreach.
About Charter
Locally owned and operated, Charter provides a diverse range of financial services, including retail banking, residential/commercial mortgage and insurance. It combines the capabilities, resources and product range of larger banks with the local decision making, market knowledge and customer service of a community bank.
Founded in 1976, it is the fifth largest financial institution in New Mexico, with assets of over $1billion and six branches in Santa Fe and Albuquerque and lending offices across New Mexico and Idaho. Charter leads the state in residential mortgage approval, funding and servicing. The company is also one of the largest commercial loan originators in New Mexico.
For details, contact:
Susan Millspaugh
1-800-370-3345
www.charterco.com
