Opening Doors Homebuyer Assistance Program with HEART of San Mateo County and Meriwest Mortgage Records its First Loan
08/12/08
SAN JOSE, CA - Meriwest Credit Union, one of the largest credit unions serving Silicon Valley, the Greater Bay Area and Tucson, Arizona announced today that its wholly owned subsidiary, Meriwest Mortgage, in partnership with the Housing Endowment and Regional Trust, the HEART of San Mateo County, recently completed the first loan in HEART's Opening Doors Homebuyer Assistance Program. Kelly Semprich, an employee with the County Department of Health, has purchased her first home in San Mateo so she may be closer to her work and use nearby public transit.
The Opening Doors loan program helps qualified moderate-income families buy their first home in the area or allows those working in San Mateo County and living elsewhere to move closer to their place of work and live more affordably. This affordable housing program pairs a Meriwest Mortgage first mortgage with a below-market rate second loan, offered through HEART. Program details are available at www.heartofsmc.org/open.
"This loan program was designed to make it easier for our civic workers, teachers, police and fire fighters to live and work in San Mateo County," said Hudson Lee, President and CEO of Meriwest Mortgage, "We are happy to see the first loan in this program go to a local county employee to help her make a home in the town where she works."
"The Opening Doors Homebuyer Assistance program works," said Chris Mohr, Executive Director of the HEART of San Mateo, "Ms. Semprich and Ms. Long were long time renters in San Francisco. Now, as homeowners in San Mateo, they will be able to enjoy living near their work and public transportation. Their carbon footprint is now reduced significantly as they have just taken 150 miles per week off of their commute! Our program offers an option, in this period of tight credit, to enable well-qualified borrowers to buy in San Mateo County, and we want to make sure all our local employees know about it. "
"Victoria and I would not have been able to buy a home without the assistance of the HEART/Meriwest program," said Kelly Semprich, one of the new homeowners, "We have the income to afford a monthly mortgage, but did not have the savings needed for the 10% downpayment required by most traditional lenders. We also made too much money to qualify for other first-time homebuyer programs. The HEART/Meriwest program fit us perfectly!"
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 47 years.
About HEART
HEART's mission is to raise funds from public and private sources to meet critical housing needs. HEART brings new resources into the community to meet those needs. A collaborative, public/private venture, 19 cities plus San Mateo County participate as formal members. The board of directors consists of 11 elected officials and 9 members of the private sector. To date, HEART has invested a total of $5.25 million in four developments, providing 487 new affordable homes for seniors and working families. More information is available at www.heartofsmc.org.
Contact:
Meriwest Credit Union
Gregory Meyer
Community Relations Manager
408-365-6328
gmeyer@meriwest.com
Housing Endowment and Regional Trust of San Mateo County
Chris Mohr
Executive Director
Direct Line: 650-872-4444
cmohr@heartofsmc.org |
