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New Mortgage Initiative Aimed at Miami's Multigenerational Families
City of Miami Mayor Manny Diaz today joined Home Financing Center, Peninsula Mortgage Bankers Corporation, and Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, to announce a new mortgage initiative designed to meet the unique needs of South Florida's multigenerational households. "Seniors and Family Together," a new initiative designed by Fannie Mae and now offered in South Florida by participating lenders, allows extended families living together the opportunity to finance a larger home with more flexible affordability options. Home Financing Center, which recently closed the first Seniors and Family Together loan in Miami, is originating loans under this initiative along with Peninsula Mortgage Bankers Corporation; Fannie Mae will purchase the eligible loans.
"As our population ages, more and more families are taking care of their relatives," said Mayor Diaz. "This initiative helps meet the housing needs of the city of Miami's older citizens and working families by allowing families to finance a larger home to accommodate their parents or grandparents."
"Our country is experiencing an increased demand, particularly in minority communities, for larger, more affordable homes that can accommodate aging parents and family members. More than 8 million caregivers receive information and assistance from the HHS National Family Caregiver Support Program," said Josefina Carbonell, assistant secretary for Aging, U.S. Department of Health and Human Services. "Seniors and Family Together is a complement to the National Family Caregiver Support Program and an excellent example of what can be done on behalf of the aging population when resources are pulled together."
Seniors and Family Together is a flexible, affordable initiative that helps working families keep their aging parents at home with them. The initiative was first launched in Central Florida in September 2003 and has been adjusted to meet the unique needs of South Florida. The initiative offers multigenerational families the opportunity to finance a larger home through several key features:
Borrower's income for purposes of qualifying for the mortgage will be increased if the parent or grandparent agrees to live with them for one year, helping the borrower more easily qualify for a mortgage or obtain a larger mortgage;
Borrowers without traditional credit may submit a non-traditional credit history, such as payment records for monthly utility and phone bills;
Borrowers pay as little as $500 from their own funds at closing;
Borrowers with incomes up to 130 percent of area median income ($59,020 in Miami-Dade County) may be eligible;
Eligible homes must be located in the Florida counties of Brevard; Broward; Charlotte; Citrus; Collier; Desoto; Glades; Hardee; Henry; Highlands; Hillsborough; Indian River; Lake; Lee; Martin; Manatee; Miami-Dade; Monroe; Okeechobee; Orange; Osceola; Palm Beach; Pasco; Pinellas; Polk; Saint Lucie; Sarasota; Seminole, Sumter, and Volusia.
Multigenerational households are on the rise in the United States and are most common among immigrant families. Nationwide, the number of multigenerational households is close to 4 million, representing nearly 4 percent of all U.S. households, according to 2000 Census data, and has grown by approximately 60 percent since 1990. In Florida, where the older population is expected to increase 130 percent from 1990 to 2025, according to a Florida State University study, multigenerational households may become even more common.
Multigenerational families are more likely to reside in areas of recent immigration where new immigrants often live with their relatives, according to a Census 2000 Brief on Households and Families.
"As America's population ages, more and more families are choosing to live together in an arrangement that enriches the lives of both seniors and children," said Terry Claus, president of Home Financing Center. "Creative mortgage solutions like this initiative financially support multigenerational families by accommodating their need for bigger homes. Home Financing Center is proud to have closed the first Seniors and Family Together loan in Miami to a young woman who purchased a home in Kendall to share with her elderly grandmother."
"Seniors and Family Together has made it possible for me to live in a beautiful home with my grandmother," said Cristina Jaramillo. "I'm grateful to Home Financing Center for allowing me to purchase a home that's large enough for both of us."
Today's announcement was held at the Little Havana Activities and Nutrition Center located on SW 8th Street. Founded in 1972, the Little Havana Activities and Nutrition Center is dedicated to providing supportive services to enrich the lives of Miami's seniors and help them age with dignity and good health.
According to the 2000 Census, more than 35 percent of Miami-Dade County's population is over 55 years of age.
"We're pleased to be working with Fannie Mae to offer this important new initiative to South Florida families," said Jorge Rawicz, president, Peninsula Mortgage Bankers Corporation. "Through Seniors and Family Together, we can help make homeownership more accessible and more affordable for families living with aging parents and grandparents."
"Fannie Mae is committed to bringing more initiatives to the marketplace that provide solutions to our most pressing housing needs," said Ann R. Kashmer, director of Fannie Mae's South Florida Partnership Office. "With our partners at Home Financing Center and Peninsula Mortgage Banking Corporation, we are excited about Seniors and Family Together and how it recognizes the importance of family."
Fannie Mae's participation in Seniors and Family Together is part of the company's new goals of the American Dream Commitment , which are designed to tackle the toughest housing problems facing America.
For more information on Seniors and Family Together, interested consumers may contact Home Financing Center at (305) 777-1101 or Peninsula Mortgage Bankers Corporation at (305) 630-4000.
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages.
Fannie Mae has pledged through its "American Dream Commitment" to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to at least 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most.
Since 1968, Fannie Mae has provided $6 trillion of mortgage financing for more than 60 million families.
The American Dream Commitment is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.
Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "FNM." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."
Consumer Resource Center Telephone 1-800-7FANNIE (1-800-732-6643)
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