Afriacan American, Hispanic Churches Join With Freddic Mac, Chase to Launch Bridgeport/ Stratford Home-ownership Effort
Rep. DeLauro Lauds Initiative That Links Outreach to Mortgages
Bridgeport, CT – The Bridgeport initiative is a comprehensive faith-based effort of 10 African American and Hispanic churches that will work together to prepare and educate more families for homeownership through counseling and access to low-down payment mortgages. “The cornerstone of this unique initiative is the network of churches who are working in concert to address barriers faced by minority homebuyers,” said Craig Nickerson, vice president of Expanding Markets for Freddie Mac.”
This initiative entails comprehensive financial literacy education through Freddie Mac’s CreditSmart® and CreditSmart® Español curriculum, pre-and post-purchase homebuyer counseling, and a wide range of low-down payment mortgages that will enable more families to overcome many of the key barriers to homeownership. These barriers include impaired credit, inadequate resources for down payment and a lack of information about homeownership. Freddie Mac, lenders and other organizations have recognized and understand the need for prospective homebuyers to work with trusted emissaries – the faith community – to help them learn about the benefits of homeownership.