FREDDIE MAC, AREAA, COUNTRYWIDE Team up with Nonprofits to help Asian Americans in Los Angeles Become Homeowners
(Los Angeles, CA) Thanks to a new homeownership initiative made possible by many organizations working together, Soo Han is the proud owner of a new home in Winnetka, Calif. Han is one of several individuals who have become
homeowners through a collaborative community effort to increase homeownership in the Korean American community in the greater Los Angeles area.
At a ceremony today at Youngnak Presbyterian Church, Freddie Mac (NYSE: FRE) and the Asian Real Estate Association of America (AREAA) officially kicked off the homeownership initiative with Korean Churches for Community Development (KCCD), the Koreatown Youth and Community Center (KYCC), Countrywide Home Loans and Mortgage Guaranty Insurance Corporation (MGIC).
This homeownership initiative, which began last year, addresses language and cultural barriers, lack of knowledge about the homebuying process and other challenges faced by Asian Americans. These barriers are keeping many Asian
Americans from pursuing their dream of homeownership.
"Through KCCD's Homebuyer Education program, I realized how important having knowledge can be for first-time homebuyers," said Han. "With the help of KCCD's counseling program, I was able to purchase my first home with more than $138,000 of layered financing and downpayment assistance and at a five percent fixed interest rate."
"What better definition of 'The...