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Mortgage Lending
NOTE: If you are a borrower looking for a home mortgage, please visit the Hope Community Credit Union web site to find out about applying for a loan.
Affordable, quality housing is necessary to attract new businesses, grow existing companies and build assets for communities and families. Unfortunately, home ownership is out of reach for 40 percent of the Mid South's residents.*
The wages of these families are not enough to afford a mortgage at market rates. In addition, approximately 20 percent of occupant-owned residential real estate in the region's rural areas is considered substandard. Workers in the Mid South need a low-cost mortgage product that will allow them to live near their jobs and improve housing conditions for their families.
Despite scattered efforts by the government and local nonprofits, there has not been an affordable mortgage product to address these needs.
In response, ECD has worked with Fannie Mae, public agencies, banks and foundations to create the HOPE Mortgage Program, a secondary market program for low-wealth home ownership loans. Through this program local banks and other mortgage lenders originate affordable mortgage loans and sell them to ECD. This allows the originator to serve its customers, generate fee income, and get Community Reinvestment Act credit--all at no risk to the lender.
*National Low Income Housing Coalition
Products and Services - Mortgage Lending
Affordable, quality housing is necessary to attract new businesses, grow existing companies and build assets for communities and families. Unfortunately, home ownership is out of reach for 40 percent of the Mid South's residents.*
The wages of these families are not enough to afford a mortgage at market rates. In addition, approximately 20 percent of occupant-owned residential real estate in the region's rural areas is considered substandard. Workers in the Mid South need a low-cost mortgage product that will allow them to live near their jobs and improve housing conditions for their families.
Despite scattered efforts by the government and local nonprofits, there has not been an affordable mortgage product to address these needs.
In response, ECD has worked with Fannie Mae, public agencies, banks and foundations to create the HOPE Mortgage Program, a secondary market program for low-wealth home ownership loans. Through this program local banks and other mortgage lenders originate affordable mortgage loans and sell them to ECD. This allows the originator to serve its customers, generate fee income, and get Community Reinvestment Act credit--all at no risk to the lender.
*National Low Income Housing Coalition
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