LOS ANGELES, CA–(HISPANIC PR WIRE)–July 5, 2002–Washington Mutual has unveiled a new suite of home loan products and services that will make it easier for low- and moderate-income (LMI) borrowers to achieve the American dream of home ownership.
WaMu calls its new offerings the “Community Access Home Loans” program. The new flexible loan program includes such features as:
— the acceptance of down payment funds from pooled resources, gifts, grants, employer assistance and cash on hand;
— a 3 – 5 percent down payment option with only 1 – 3 percent required from the borrowers’ funds;
— no FICO scores required on home loans for single family residences – alternative credit is considered;
— no cash reserve requirements on single unit loans; and
— zero point options on origination fees to help borrowers minimize up-front costs.
Washington Mutual’s Community Access Home Loans program is not limited to first-time homebuyers and is available for home purchases or refinancing. Borrowers with 100 – 115 percent of the HUD median income qualify for the program, and there are no income limits in targeted LMI census tracts.
“We’re in the business of putting people in homes and this program is at the heart of that mission,” said Greg Sayegh, senior vice president and manager of Washington Mutual’s Retail Lending.
The program is also expected to help WaMu reach its Community Commitment of $375 billion over the next 10 years for mortgage, consumer, and small business lending in LMI communities. The largest portion of that commitment, $300 billion, is dedicated to single-family lending.
With a history dating back to 1889, Washington Mutual (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and to small- and mid-sized businesses. At March 31, 2002, Washington Mutual and its subsidiaries had assets of $275.22 billion. The company currently operates more than 2,400 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual’s press releases are available at http://www.wamu.com.
Nova Hunn Barnett