Countrywide - $5 Million Grant to Help Families Reach Homeownership
Countrywide Launches $5 Million Grant to Help Families in DFW Metroplex Reach Homeownership 06/13/2006
Up to $3,000 in Closing Cost Assistance Available to Low to Moderate-income Home Buyers
CALABASAS, Calif., June 13 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC), America's #1 home loan lender*, announced today that it will offer home loan closing cost assistance to eligible families in the Dallas/Fort Worth area who obtain a home loan with Countrywide Home Loans.
The grants will be made through Countrywide Bank, N.A. to award the loan closing cost assistance funds to borrowers. Countrywide Bank has committed $5 million in funds for the grant exclusively for qualified home buyers in the Dallas/Fort Worth area. "Countrywide was founded on the principle of lowering barriers to homeownership, and one of the most common barriers is having funds on hand to cover costs during the home buying process," said Jim Furash, president and CEO, Countrywide Bank. "This new closing costs assistance program gives funds to low- to moderate-income home buyers and homeowners and residents in low- to moderate-income neighborhoods."
The closing cost assistance awarded to qualified borrowers obtaining a loan with Countrywide does not have to be repaid. The funds can be put toward the costs associated with a home loan, including paying points to reduce the interest rate over the life of the loan.
For Families Purchasing a Home
Home buyers whose household income falls within the U.S. Census Bureau definition of low-income ($30,000-$32,000 annually depending on county) or who are purchasing a home in a neighborhood designated as a low-income area, may be eligible to receive up to $3,000 in gift funds.
Those with moderate-income designations ($49,000-$52,000 annually depending on county)** may be eligible for up to $1,500. If the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income.
For Families Refinancing an Existing Mortgage
Homeowners seeking to refinance their existing home loan may be eligible for up to $1,500 in gift funds, if there is a low-income designation, and up to $750, if there is a moderate-income designation. Provided the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income. "We are very proud of this grant that enables us to 'give back' to the communities where thousands of Countrywide employees work and live," said Mark Dennis, regional senior vice president, Countrywide Home Loans. "As one of the largest employers in the Dallas/Fort Worth Metroplex, Countrywide is eager to support its neighbors and enhance opportunities for homeownership and prosperity among families who play such an important part in making Dallas a wonderful place to call home."
To learn more about Countrywide's closing cost assistance grant contact 800-747-1871 or visit any of the 18 branch offices of Countrywide Home Loans in the Dallas/Fort Worth area.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) -- America's #1 home loan lender as ranked for 2005 by Inside Mortgage Finance (Jan. 27, 2006), Copyright 2006 -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets.
Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services residential loans. The company is headquartered in Calabasas, California and has a workforce of nearly 54,000 individuals and over 800 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com.
About Countrywide Bank
Countrywide Bank, N.A., is a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies. Countrywide Bank offers consumers highly competitive rates on certificates of deposit and money market accounts and, through its family of companies, also offers quality investment products.
Customers can review banking products and services, check rates on deposits, and apply for new accounts by phone, online, or at one of the financial centers located throughout the country. In addition, the company offers the same superior rates and unsurpassed personalized service to its business customers through its Premier Business Banking and Commercial Banking Divisions. For more information about Countrywide Bank, visit www.countrywidebank.com. Member FDIC. Equal Housing Lender. Borrowers residing in Wise, Parker, Tarrant and Johnson Counties with household annual incomes of $30,000 or less are considered low income; $30,001 to $49,000 is moderate income. Borrowers residing in Denton, Collin, Hunt, Delta, Rockwall, Kaufman, Ellis and Dallas counties with household annual incomes of $32,000 or less are considered low income; $32,001 to $52,000 are moderate income.
Investment and insurance products are not deposits, not FDIC insured, not guaranteed by any bank, not insured by any Federal Government agency and may lose value.
Up to $3,000 in Closing Cost Assistance Available to Low to Moderate-income Home Buyers
CALABASAS, Calif., June 13 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC), America's #1 home loan lender*, announced today that it will offer home loan closing cost assistance to eligible families in the Dallas/Fort Worth area who obtain a home loan with Countrywide Home Loans.
The grants will be made through Countrywide Bank, N.A. to award the loan closing cost assistance funds to borrowers. Countrywide Bank has committed $5 million in funds for the grant exclusively for qualified home buyers in the Dallas/Fort Worth area. "Countrywide was founded on the principle of lowering barriers to homeownership, and one of the most common barriers is having funds on hand to cover costs during the home buying process," said Jim Furash, president and CEO, Countrywide Bank. "This new closing costs assistance program gives funds to low- to moderate-income home buyers and homeowners and residents in low- to moderate-income neighborhoods."
The closing cost assistance awarded to qualified borrowers obtaining a loan with Countrywide does not have to be repaid. The funds can be put toward the costs associated with a home loan, including paying points to reduce the interest rate over the life of the loan.
For Families Purchasing a Home
Home buyers whose household income falls within the U.S. Census Bureau definition of low-income ($30,000-$32,000 annually depending on county) or who are purchasing a home in a neighborhood designated as a low-income area, may be eligible to receive up to $3,000 in gift funds.
Those with moderate-income designations ($49,000-$52,000 annually depending on county)** may be eligible for up to $1,500. If the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income.
For Families Refinancing an Existing Mortgage
Homeowners seeking to refinance their existing home loan may be eligible for up to $1,500 in gift funds, if there is a low-income designation, and up to $750, if there is a moderate-income designation. Provided the property is in a designated low- or moderate-income area, gift funds are available to qualified borrowers regardless of their income. "We are very proud of this grant that enables us to 'give back' to the communities where thousands of Countrywide employees work and live," said Mark Dennis, regional senior vice president, Countrywide Home Loans. "As one of the largest employers in the Dallas/Fort Worth Metroplex, Countrywide is eager to support its neighbors and enhance opportunities for homeownership and prosperity among families who play such an important part in making Dallas a wonderful place to call home."
To learn more about Countrywide's closing cost assistance grant contact 800-747-1871 or visit any of the 18 branch offices of Countrywide Home Loans in the Dallas/Fort Worth area.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) -- America's #1 home loan lender as ranked for 2005 by Inside Mortgage Finance (Jan. 27, 2006), Copyright 2006 -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets.
Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services residential loans. The company is headquartered in Calabasas, California and has a workforce of nearly 54,000 individuals and over 800 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com.
About Countrywide Bank
Countrywide Bank, N.A., is a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies. Countrywide Bank offers consumers highly competitive rates on certificates of deposit and money market accounts and, through its family of companies, also offers quality investment products.
Customers can review banking products and services, check rates on deposits, and apply for new accounts by phone, online, or at one of the financial centers located throughout the country. In addition, the company offers the same superior rates and unsurpassed personalized service to its business customers through its Premier Business Banking and Commercial Banking Divisions. For more information about Countrywide Bank, visit www.countrywidebank.com. Member FDIC. Equal Housing Lender. Borrowers residing in Wise, Parker, Tarrant and Johnson Counties with household annual incomes of $30,000 or less are considered low income; $30,001 to $49,000 is moderate income. Borrowers residing in Denton, Collin, Hunt, Delta, Rockwall, Kaufman, Ellis and Dallas counties with household annual incomes of $32,000 or less are considered low income; $32,001 to $52,000 are moderate income.
Investment and insurance products are not deposits, not FDIC insured, not guaranteed by any bank, not insured by any Federal Government agency and may lose value.
posted by Kirby P at 9:32 AM
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