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Comprehensive Homeownership Effort Adds Financial Incentives for MIAMI Homebuyers
Miami-Dade Neighborhood Housing Services (NHS), Freddie Mac, HSBC Mortgage Corporation (USA), and HSBC Bank USA have 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 take a lead role in forging this effort to increase homeownership choices for Miami families,\u201d said Freddie Mac Sr. Vice President, Craig Nickerson. "Working with HSBC and NHS we can help more families break down barriers to the American Dream of homeownership."
SHOP-MIAMI is part of Freddie Mac's "Catch the Dream\u201d initiative, a comprehensive national effort designed to help achieve President George W. Bush's goal of adding 5.5 million minority homeowners by the end of the decade. Today's announcement also signals the latest Freddie Mac effort to expand homeownership opportunities in the Miami-Dade area. 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 Community Gold mortgage, that offers flexible underwriting, low-cash closing options, and downpayments that require as little as $500 from the borrower's own resources. 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 the mortgage corporation.
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 once again 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® 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 corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened the doors for one in six homebuyers in America and two million renters. (More information on Freddie Mac can be found on the company's web site located at http://www.freddiemac.com)
HSBC Mortgage Corporation (USA), a wholly owned subsidiary of HSBC Bank USA, 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.