In The News
Workshops go beyond merely distributing information to achieving real results
Albuquerque, N.M. (11/16/06) - With the rising property values in the Albuquerque area, it's becoming more difficult for low-income families to buy homes. However, a new program is helping overcome the financial obstacles to homeownership.
"Your Place in the Sun" was developed by Charter Bank in coordination with United South Broadway Corporation and with help from Freddie Mac. Through workshops held in locations closest to those most in need of support, the program has been successful in reaching an underserved market.
"Over the last three months, we've held eight workshops to educate low-income renters about the benefits of homeownership," said Susan Millspaugh, Senior Vice president of Marketing and Mortgage Production at Charter. "With Freddie Mac's help and funding, we were able to reach about 18,000 New Mexicans with the possibilities and programs available to help them make their American dream a reality."
Since then, five Albuquerque families have already either found affordable homes or are in the process of applying for mortgages. Dozens more have gone on for credit counseling to prepare them for the mortgage application process.
"Through our workshops, were able to erase some myths about the obstacles they feel they face in getting mortgages," said Millspaugh. "And we're really proud of the fact that we've helped several families buy their first homes."
Encouraged by the program's results, Charter and United South Broadway Corporation, a non-profit community development corporation, hope to continue the workshops next spring.
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 sixth largest financial institution in New Mexico, with five branches in Albuquerque and Santa Fe 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 real estate loan originators in New Mexico.
For details, contact:
Susan Millspaugh
1-800-370-3345
www.charterco.com
