
	Friday August 8, 2008

26,235 Active Members Register

Welcome, Guest Sign In

Home

Latest Headlines

Popular Stories

Bookmark Us

Reader Comments

SUBSCRIBE

SEARCH OUR SITE


30 Yr Fix	6.52%	0.00%
15 Yr Fix	6.10%	0.03%
1 Yr ARM	5.22%	-0.05%
5/1 ARM	6.05%	-0.02%
30 Yr Tres	4.70%	0.04%
Fed Prime	5.00%	-0.25%
Mortgage Rates \| Blog

MND Features

-	Wiki
-	Video News
-	Mortgage License Information
-	Real Estate License Information
-	Mortgage Content Syndication
-	Mortgage Fraud
-	Housing Bubble

News Archives

Submit A News Tip
or Story Idea

Free Subscription To News Alerts
Stay up to date on breaking news with our free News Alert Service.

Freddie Mac Kicks Off Home Buying Awareness Program

2917 Views - Printer Friendly - Email This Story To A Friend

ADD NEWS TO YOUR WEBSITE

Freddie Mac has launched a new program in an attempt to debunk misconceptions about home buying that may be contributing to a low rate of ownership in the Hispanic and African-American communities.

The program, launched this week in Miami as a joint effort of Freddie, Chase Home Finance, and local government entities, is entitled "Homeownership: Let the TRUTH Move You."

According to research conducted by Freddie Mac, accurate information on home ownership is not reaching all communities. U.S. Census figures show that homeownership rates for Hispanic and African American households are 25 percent lower than the rates for non-minority households, and, while there is no solid cause and effect relationship, misinformation and lack of information may be contributing to the low rate.

Among the misconceptions cited by Freddie Mac are:

A homebuyer needs perfect credit to qualify for a mortgage
One cannot buy a home with less than a 20 percent down payment
You must hold the same job for at least three years to qualify for a mortgage
People who do not have a checking or savings account cannot buy a home.

The new program will employ grassroots organizations to sponsor educational sessions and homebuyer counseling, and will utilize minority real estate associations in a referral system to assist prospective homebuyers work through the home buying process.

Story Views: 2917 | Permalink

Story Tools

Email This Story To A Friend

Subscribe To News Alerts

Related Tags

Select a Tag for more information related to that Tag. (View All Tags)

Comments (0)

No Comments At This Time

Post A Comment

Please fill out the form below to submit a comment.

Name:
(Required - Type Anonymous or Use First Name Only if Private)

Email Address:
(Not Required So No Fake Emails Please.)

URL or Weblog:
(Leave Blank If You Don't Have One - Use http://)

Comments:
(Please keep comments on topic. No HTML Allowed. No Advertisng.)
Please Note: Due to Comment Spam, all comments are reviewed by hand. Most comments will appear shortly after submission but it may take up to 12 hours to appear. If you would like to come back, click here to Bookmark the page.
PLEASE DO NOT USE ALL CAPS

Character Count = (5000 Character Limit)

If you would like to leave a longer comment, please submit your comments in 5000 character increments and we will merge your comments.

Notify me via email when my comment is approved.

Note: Please don't bother spamming. All submissions are reviewed by our our editorial staff. Comment spam and irrelevant links will not be approved.

NEW VIDEO
(2 New Today)

NEW! The Future of Fannie and Freddie

NEW! Fannie Flub

Reader Comments (More)

Bravo..about time. I would like to see regulation on after the fact loans that are modified after documents have been signed. It i...
Read

the federal reserve is a private corporation. It is a private corporation created for the profit of private bankers. The federal r...
Read

While this information is not as bad as analysts expected it to be, it certainly is not good. We are in a real crisis here in this...
Read

Home - Contact - Sitemap - Disclaimer - Privacy Statement - Advertising

All Content Copyright © 2003 - 2008 Brown House Media, Inc. All Rights Reserved.
Reproduction in whole or in part in any form without the express written permission of MortgageNewsDaily.com is prohibited.