Mortgage Lending and Homeownership Training

The Neighborhood Trust Federal Credit Union has taken another step towards empowering its community. This year, the credit union has launched a mortgage lending program to help residents become true stakeholders in their community.

Washington Heights and West Harlem are two of New York City’s most densely populated neighborhoods, and each has a homeownership rate of less than 10 percent. Most of the ownership stock in both areas is cooperatively owned, and many financial institutions are unable to make mortgages for this type of housing.

Compounding the problem is the fact that many residents fear the mortgage application process. Lack of information and previous experience often lead low-income individuals to assume that they cannot qualify for mortgages, and in turn, many do not apply for loans. Those who do are often rejected and do not understand why they are not eligible.

To address misconceptions and equip our constituents with accurate information and necessary skills to apply for home mortgages, Credit Where Credit Is Due has launched a Homeownership Training series to complement Neighborhood Trust’s lending program. The 6-session program guides participants through the pre-purchase analysis and application stages.

In its first round, 12 participants enrolled in a Spanish workshop series.  Beginning in January 2002, the workshops will be offered on a quarterly basis in Spanish and English.

 

 








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