FHLBank San Francisco Co-Sponsors Home Ownership Fair Presented by Korean Churches for Community Development
Event will help increase home ownership wWithin L.A.'s Korean community.
Los Angeles (PRWEB) July 27, 2007 -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is a proud co-sponsor of the 7th annual Home Ownership Fair presented by Korean Churches for Community Development.
"We are pleased to participate in this annual event, which provides community residents with information about how they can achieve the American Dream of homeownership," says Dwight Alexander, Vice President Legislative and Regulatory Affairs the Federal Home Loan Bank of San Francisco. "It is especially important that we reach out to groups, such as the Korean community, to ensure that consumers have the information they need to become homeowners."
Mr. Alexander noted that FHLBank San Francisco, working through its member institutions, is a major source of mortgage funds in its three-state region of California, Arizona, and Nevada. Three members of the FHLBank San Francisco--Washington Mutual, Citibank, and Downey Savings--have joined with other organizations to participate in the homebuyer fair to be held Saturday, July 28, from 9 a.m. to 2 p.m. at Wilshire United Methodist Church, 4350 Wilshire Blvd., Los Angeles.
"Our member institutions are committed to helping consumers find the mortgage loans that are right for their families." Mr. Alexander said. "Because our members hold loans in portfolio rather than selling them all into the secondary market, they have greater underwriting flexibility and are in a better position to originate loans that fit the needs of low-income, female-headed households and self-employed families. They have the flexibility that is often needed to give families a mortgage they can afford."
Mr. Alexander noted that members of the Korean community can take advantage of a number of different mortgage programs designed to assist first-time homebuyers. The FHLBank of San Francisco offers several programs, exclusively through its member financial institutions, that provide grants and loans for low- to moderate-income households. Two of the these programs, the Individual Development and Empowerment Account (IDEA) Program and the Workforce Initiative Subsidy for Homeownership (WISH) Program, provide matching grants of up to $15,000 to eligible perspective households. Homebuyers can identify Bank members that are participating in the programs by visiting the Bank's website at http://www.fhlbsf.com/ci/other/consumerinfo.asp.
Through the IDEA Program, FHLBank San Francisco provides matching subsidies through bank members to lower-income households saving to buy a home. The IDEA Program serves families and individuals earning up to 80% of area median income. Participating households must be enrolled in an Individual Development Account (IDA) program or participate in a Family Self-Sufficiency (FSS) program through their local public housing authority.
Participating households must save for a minimum of 10 months, successfully complete a homebuyer counseling program, and find a home and qualify for a mortgage with a participating member institution. FHLBank San Francisco then provides up to $15,000 in IDEA funds, matching up to $3 for every dollar saved by the homebuyer. The subsidy must be used only toward down payment or closing costs in connection with the purchase of a home to be used as the homebuyer's primary residence.
The WISH Program provides grants to qualified homebuyers through the FHLBank San Francisco's member institutions. The program is designed to help people living in high-cost areas to purchase homes near their work. Member institutions submit applications on behalf of consumers, who must complete a mortgage assistance program administered by a public or private entity. The household income of the homebuyer at the time of approval in the mortgage assistance program is 80% or less of the HUD area median income. Homebuyers must contribute at least 1% of the purchase price from their own funds, and participants must complete homebuyer counseling. Under the WISH Program, the Bank will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward the purchase of the home.
FHLBank San Francisco recently announced $6.9 million in matching grants to help lower-income residents become homeowners in Arizona, California, and Nevada. Of the total amount, FHLBank San Francisco awarded $2.7 million for the IDEA Program and $4.2 million for the WISH Program.
"Our programs help to move low-income households from renting to homeownership," said Mr. Alexander, who will speak at the homebuyer fair. "These IDEA and WISH Program awards will enable nearly 600 households to make that transition. We will encourage attendees at the homeownership fair to work with our member institutions to apply for these programs in the future."
The Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank's members--its shareholders and customers--are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada. FHLBank San Francisco is one of 12 regional banks in the Federal Home Loan Bank System, which is celebrating 75 years of service to members and communities this year.
Contact:
Kevin Blackburn
(415) 616-2572
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