Assistance Programs Enable Meriwest Credit Union to Make the Dream of Homeownership Come True for Low-Income Families
03/06/07
SAN JOSE, CA - March 6, 2007 - Meriwest Credit Union, one of the largest credit unions serving Silicon Valley, the San Francisco Bay Area and Tucson, Arizona, continues to make homeownership possible for families that otherwise would not be able to afford a home. Through a combination of three financial assistance programs - the Below Market Rate (BMR) Housing Purchase Program, the California Homebuyer's Down Payment Assistance Program (CHDAP) and the Workforce Initiative Subsidy for Homeownership (WISH) Program - Meriwest is bringing eligible low - and moderate-income first-time homebuyers one step closer to their dream of owning a home.
In 2006, Meriwest - along with its mortgage subsidiary, Meriwest Mortgage Company, LLC - offered financial assistance to 15 families in the San Francisco Bay Area and Tucson, Arizona, through funding that amounted to more than $853,000. This was made possible through partnerships with the California Housing Finance Agency (CalHFA) - which offers CHDAP to assist eligible homebuyers with their down payments - and the Federal Home Loan Bank of San Francisco - which offers the WISH Program.
With median home prices in Northern California enjoying record gains in recent years - and potential homeowners discouraged by prices that seem unaffordable - the WISH, CHDAP and BMR Housing Purchase Programs provide working households the opportunity not only to own a home, but to afford one near their place of work, which allows them to spend more time raising their families.
Among the members who benefited from these programs include the families of Vincent Kyauk and Wendy Brown, both of whom received assistance with down payments, as well as reduced monthly mortgage payments. Brown, a middle school teacher, received most of her help from the BMR Housing Purchase Program to buy her two-bedroom condominium in South San Francisco at nearly $200,000 below market rate. "Even though my parents were able to help me with the down payment, I still wouldn't have been able to afford my condo, unless the price was below market," said Brown, who is also a single mother with an 11-year-old daughter. "If it wasn't for the BMR Program, I'd still be a continual renter in the Bay Area."
Kyauk has a similar story. Meriwest's financial assistance programs helped him secure a home for his family - and at more than $241,000 below market rate. "I'm very happy with the help I got from Meriwest," said Kyauk, a mail courier in South San Francisco. "Without the financial help that I got, I would not be able to provide a home for myself, my wife, my son and my parents."
"The help we're giving these homebuyers is more than a financial investment for Meriwest; it's an investment in the communities we serve," said Jack Buckman, President of Meriwest Mortgage. "We take great pride in making homeownership possible in the places where our employees, members and their families want to live, work and grow. As a community-focused organization, Meriwest is always committed to providing opportunities for anyone who chooses to own a home."
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley's largest and established financial institutions, has been providing proactive, personal, convenient and innovative financial services to businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 45 years. Meriwest is ranked as a 5-Star financial institution, as rated by BauerFinancial, and has received this rating for 10 consecutive quarters. More information can be found at www.meriwest.com.
Contact:
Meriwest Credit Union
Rob Carpio
Corporate Communications
408-363-3236
rcarpio@meriwest.com
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