Closes 52 loans in community loan program
SAN JOSE, CA – May 15, 2014 – Meriwest Mortgage, a subsidiary of Meriwest Credit Union of San Jose, recently closed the 52nd loan for the HEART (Housing Endowment and Regional Trust) Opening Doors Homeownership Program. Opening Doors is a down-payment assistance program designed to help those who live outside of San Mateo County but work in the county move closer to their work. The program provides a low cost second mortgage with a conforming first mortgage loan to keep the buyer’s interest expenses minimal.
In preparing this release to celebrate the 50th loan, the 51st and 52nd loans came quickly on the heels of number 50. The HEART Opening Doors Program has contributed over $2.7 million in second mortgages. These second mortgages make it possible for families to afford their homes with a conforming 30 year fixed rate or an adjustable rate mortgage. The program makes a huge difference for public safety professionals, teachers, and municipal workers by making it possible for them to live in the communities where they serve.
“For six years, Meriwest Credit Union and Meriwest Mortgage have been our partners in helping families achieve the American Dream in San Mateo County through the Opening Doors program. Achieving the 50th loan in this program is quite a milestone for us at HEART.” said Mark Moulton, Executive Director of the HEART of San Mateo. “The Meriwest Team has had the foresight to see the value of the loan program and the resources to manage a fast loan process and an easy path to homeownership for our clients, the working families of San Mateo County.”
“The Housing Endowment and Regional Trust, the HEART of San Mateo County, has developed a homeownership program that creates affordability in one of the Nation’s most expensive places to live, San Mateo County.” said Julie Kirsch, President and CEO of Meriwest Credit Union. “That affordability is crucial to having our public servants living closer to the people for whom they work. ‘Opening Doors’ creates a greater connection between the citizens of San Mateo County and the people tasked with protecting them, serving them, and teaching their children.”
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 services to over 67,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 50 years. More information can be found at www.meriwest.com.
About HEART of San Mateo
HEART of San Mateo (Housing Endowment and Regional Trust of San Mateo County) is a joint powers authority that includes 19 of the 20 cities in the county plus the County of San Mateo. HEART’s public/private board of directors consists of 11 elected officials and 9 members of the private sector. HEART’s mission is to serve critical housing needs in San Mateo County by raising public and private funds. HEART makes loans to fund affordable rental housing construction or rehabilitation and offers down payment assistance loans to first time homebuyers. To date, HEART has invested $12.4 million to fund the construction, renovation or purchase of over 957 affordable homes in San Mateo County. In the process, HEART has leveraged over $247 million in funds from other sources, creating jobs and stimulating the local economy as well as providing affordable homes.
Meriwest Credit Union
Community Relations Manager
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