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HSBC Mortgage Corporation (USA), HSBC Bank USA, N.A., Freddie Mac, Neighborhood Housing Services Launch Multi Million Dollar 'SHOP-MIAMI' Program
MIAMI, March 7 /PRNewswire/ -- Freddie Mac, HSBC Mortgage Corporation (USA), HSBC Bank USA, N.A., and Neighborhood Housing Services of South Florida, Inc. (NHS) today announced a countywide $25 million comprehensive homeownership initiative called SHOP-MIAMI in an effort to help hundreds of local households, including minority families, become homeowners in Miami-Dade County.
Responding to the diverse needs of Miami's multi-ethnic communities, SHOP- MIAMI combines comprehensive consumer outreach, homeownership education, and counseling by NHS with flexible mortgage financing options through HSBC Mortgage Corporation (USA) and Freddie Mac. The full range of initiatives available through SHOP-MIAMI are designed to help residents clear many of the most common hurdles to homeownership, including a lack of information about personal financial management or the homebuying process and limited downpayment savings.
"Freddie Mac is delighted to play a prominent role in forging this effort to increase homeownership choices for Miami families," said Freddie Mac Vice President, Craig Nickerson. "Working with HSBC and NHS we can help more families overcome some common misconceptions that may be keeping them from pursuing the American dream of homeownership."
Today's announcement signals the latest Freddie Mac effort to expand homeownership opportunities in the Miami-Dade community. Over the past five years, Freddie Mac has purchased nearly $12 billion worth of mortgages in the Miami-Dade County area, financing more than 100,000 homes.
Mortgages Requiring Only $500 in Borrower Cash
To boost affordable mortgage financing opportunities, Freddie Mac intends to invest $25 million in innovative mortgage products, including their Home Possible or Community Gold mortgage, that offers flexible underwriting, low- cash closing options, and low or no downpayments. For individuals strapped for downpayment and closing cost funds, HSBC is also offering $3,500 towards a borrower's closing costs for a Freddie Mac Community Gold mortgage.
By purchasing affordable mortgages originated by HSBC Mortgage Corporation (USA), Freddie Mac will ensure a steady supply of home buying credit for more homebuyers. HSBC Mortgage Corporation (USA) is also offering its own CommunityWorks mortgage that allows for a discounted interest rate, expanded qualifying ratios, and liberal credit criteria designed to assist families purchasing either a one or two-unit property. HSBC will also offer Freddie Mac's Affordable Merit Rate product that permits mortgage rate reductions for borrowers who make mortgage payments in a timely manner.
"As an organization committed to Miami and to making homeownership affordable, HSBC Mortgage Corporation (USA) is pleased to introduce this program which we feel will meet the needs of so many of our neighbors in South Florida," said Larry Schiavi, Sr. Vice President of HSBC Mortgage Corporation (USA).
Reaching Out To Miami Families
NHS has the lead responsibility for implementing the SHOP-MIAMI Homeownership Initiative for the entire county. They will launch an information awareness campaign about the new initiative and provide borrower counseling and homebuyer education to prepare residents for the responsibilities of homeownership. "We're excited about this opportunity to participate with HSBC in their joint effort with Freddie Mac to make homeownership an attainable reality in Miami-Dade County," said Arden Shank, Executive Director & President of NHS.
Call: 800-401-7601 For More Information
Miami residents who want to learn more about SHOP-MIAMI should call 800-401-7601.
Neighborhood Housing Services is a community development corporation in Miami that is a member of the NeighborWorks(R) Network, which was founded by the Neighborhood Reinvestment Corporation in 1978. NHS, a certified HomeOwnership Center and a licensed lender, provides a full spectrum of homeownership services in English, Spanish, and Creole to assist buyers in reaching their homeownership dream. For more information, visit http://www.mdnhs.org/.
Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and two million renters in America. For more information, visit: http://www.freddiemac.com/.
HSBC Mortgage Corporation (USA), a wholly owned subsidiary of HSBC Bank USA, N.A., is a member of the HSBC Group PLC, which is one of the largest banking and financial service organizations in the world. The organization is the 19th largest in the nation, servicing over 330,000 mortgages in excess of $46 billion. HSBC Mortgage Corporation (USA), an equal housing lender, conducts business in 48 states and has 30 offices in eight states. Freddie Mac