Meriwest Mortgage and the Housing Trust of Santa Clara Announce a New Home Buyers Program
01/02/08
San Jose, CA - Meriwest Mortgage, a wholly owned subsidiary of Meriwest Credit Union, one of the largest credit unions serving Silicon Valley, the Greater Bay Area and Tucson, Arizona, announced today that they have joined with the Housing Trust of Santa Clara County to develop an entirely new loan program that helps qualified moderate-income families buy their first home in Santa Clara County. This program serves to provide the county's moderate income families with an affordable alternative to the sub-prime loans that have been so prevalent in real estate sales over the past few years.
This affordable housing program pairs a Meriwest Mortgage first mortgage with a below-market rate second loan, now offered through the Housing Trust, 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 now available on the Housing Trust's website, www.housingtrustscc.org. Applications for both programs will be accepted starting January 2, 2008.
"With the Housing Trust of Santa Clara, we took care to create a product that would be helpful to the greatest number of qualified home buyers," said Hudson Lee, President of Meriwest Mortgage. "Home ownership is still the American Dream and Meriwest Mortgage is doing its part to keep the Dream alive."
"We are excited to be creating a one-of-a-kind partnership with Meriwest Mortgage," said Taylor Dial, Executive Director of the Housing Trust of Santa Clara County. "By working together, our two great organizations are demonstrating that the creativity for which Silicon Valley is so well known extends beyond our signature tech firms and into the financial sector. We hope that this new loan package will help first-time homebuyers to establish roots that will last for many years to come in our vibrant community."
If you wish to have more details about the Housing Trust/Meriwest Mortgage Loan Program, please visit the Housing Trust of Santa Clara County First Time Homebuyers page.
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 45 years. Meriwest is ranked as a 5-Star financial institution, as rated by BauerFinancial, and has received this rating for 13 consecutive quarters. More information can be found at www.meriwest.com.
About the Housing Trust of Santa Clara County
America's pioneering public-private affordable housing investment trust was formed in 1999 through a partnership with the Silicon Valley Leadership Group, the County Board of Supervisors, the Santa Clara County Collaborative for Housing and Homeless Issues, and Community Foundation: Silicon Valley. The Housing Trust of Santa Clara County has invested more than $26 million in affordable housing opportunities throughout Santa Clara County. Since they began distributing funds in August, 2001, the Trust has already helped more than 6,450 families, including helping 1,994 families buy their first homes in Santa Clara County; enabled the development of 1,258 units of affordable rental housing, worth over $341 million; and helped create hundreds of units of shelter and special-needs housing in our community, making it possible for people like teachers, police officers, firefighters, nurses and civic employees to live in the communities they serve. The Trust has leveraged every dollar invested into the creation of at least $45 worth of affordable housing in Santa Clara County.
Contact:
Meriwest Credit Union
Gregory Meyer
Community Relations Manager
408-365-6328
gmeyer@meriwest.com |
