Meriwest Mortgage and the HEART of San Mateo County Announce a New Home Buyers Program Designed to Increase Local Housing Affordability
05/13/08
SAN JOSE, CA - Meriwest Mortgage, a wholly owned subsidiary of Meriwest Credit Union, and San Mateo County's Housing Endowment and Regional Trust (HEART), announced today the introduction of a new affordable home loan program. The program focuses on improving the affordability of home loans for families wishing to live and work in San Mateo county; one of the countries higher cost of living areas. This entirely new loan program helps qualified moderate-income families buy their first home in the area or allows those working in San Mateo County and living elsewhere to move closer to their place of work and live more affordably.
This affordable housing program pairs a Meriwest Mortgage first mortgage with a below-market rate second loan, now offered through San Mateo's HEART, which will be used to reduce the first loan's interest rate and prepay the private mortgage insurance. In combination, these loans will help reduce the monthly payment to the homeowner, depending upon the actual financing package. Full details and qualifications are available on the Housing Endowment and Regional Trust's website, www.heartofsmc.org. Applications for both programs will be accepted starting May 13, 2008.
"With San Mateo's HEART, we carefully studied the market in San Mateo County and what families really needed to help them get into the home of their dreams." said Hudson Lee, President of Meriwest Mortgage. "Together, this partnership created one of the best homebuyer's programs in the Bay Area. Home ownership is still the American Dream and Meriwest Mortgage is doing its part to keep the Dream alive."
"We are excited to partner with Meriwest Mortgage in this much-needed effort," said Chris Mohr, Executive Director of HEART. "By working together, Meriwest and HEART will give employees of local businesses a chance to set down roots in San Mateo County. The program will serve first-time homebuyers who need a small boost to enter the ownership market, as well as 'move-closer' homebuyers who want to cut their commutes to transit and local jobs -- reducing their greenhouse gas emissions and increasing their quality of life. Our goal is to serve vital members of our workforce, from teachers and public safety personnel to employees of startups, from cutting-edge life sciences and clean-tech firms to large high-tech and financial companies."
About Meriwest Mortgage
Meriwest Mortgage LLC is a wholly-owned subsidiary of Meriwest Credit Union, one of Silicon Valley's largest and established financial institutions. Meriwest Mortgage provides an array of real estate loan programs with an excellent service oriented staff. Meriwest Mortgage has helped thousands of members within the community purchase or refinance their homes. More information can be found at www.meriwestmortgage.com.
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 products and services to businesses and families throughout the Greater Bay Area and Tucson, Arizona, for more than 46 years.
About HEART
HEART's mission is to raise funds from public and private sources to meet critical housing needs. HEART brings new resources into the community to meet those needs. A collaborative, public/private venture, 19 cities plus San Mateo County participate as formal members. The board of directors consists of 11 elected officials and 9 members of the private sector. To date, HEART has invested a total of $5.25 million in four developments, providing 487 new affordable homes for seniors and working families. More information is available at www.heartofsmc.org.
Contact:
Meriwest Credit Union
Gregory Meyer
Community Relations Manager
408-365-6328
gmeyer@meriwest.com
Housing Endowment and Regional Trust of San Mateo County
Chris Mohr
Executive Director
Direct Line: 650-872-4444
cmohr@heartofsmc.org |
