A NEW MORTGAGE FINANCING PROGRAM IN TEXAS is taking aim at the growing problem of foreclosures, especially among homeowners with “B” credit ratings. The Affordable Homeownership Program for Texas (AHPT), in partnership with Ameriquest Mortgage Co., will provide $100 million in financing to families with credit problems. Brownsville, Texas, the host city for the project, will get $20 million from the pilot program.
“This project was an attempt to provide an alternative to the predatory lending products in our marketplace without legislative reforms,” says Don Currie, executive director for the Community Development Corp. of Brownsville, the largest nonprofit producer of affordable housing in Texas and the first lender to participate in the program. “We hope [the program is] a way to continue to sustain investment, to sustain production, to keep people employed on the building side, and, at the same time, get families into housing that they can maintain and afford over the long-term.” To be eligible, families must have a household median income lower than $24,000 and a “B” credit rating.”
Learn more about markets featured in this article: Brownsville, TX.