Helps More Immigrants in the U.S. Achieve Homeownership
CHICAGO, Nov. 9 /PRNewswire/ -- Through Bank One Mortgage, more immigrants
in the United States will be able to achieve home ownership with mortgage
financing made available through Bank One's partnership with Fannie Mae's
"New Immigrants Initiative."
Bank One Mortgage will begin to offer home ownership financing through the
"New Immigrants Initiative" starting November 8th in the greater Chicago
marketplace. Later in November, the program will be introduced in Houston,
Texas. "The New Immigrants Initiative will strengthen our commitment to the
community lending needs of the Chicago and Houston markets," explained to Paul
Swan, Chief Operating Officer of Bank One Mortgage.
The $100 million New Immigrants Initiative enables people, who are newly
arrived in this country and have two years of residence and work history, to
achieve homeownership in a more flexible, streamlined manner. Five key
features of the initiatives are:
* Down payments as low as 3 percent for eligible, working non-permanent
residents who have applied for a permanent resident card (known as a
"green card");
* More flexibility for borrowers with cash on hand;
* A borrower's most recently hourly wage rate can be used to determine
qualifying income;
* Boarder income from relatives living in the same household is
permitted; and
* Part-time or multiple job income of a 12-month duration averaged over
the most recent 24 months is permitted.
Key loan and property requirements include:
* Must be owner-occupied, principal residence.
* Down payment must be from borrower's own funds: minimum 3 percent of
sales price for one-unit properties and minimum 5 percent in case of
two-unit properties.
* Source of down payment may include:
-- Cash on Hand.
-- Commingled relative funds, provided relatives reside with borrower.
* Fully-amortizing fixed-rate mortgages with 15- to 30-year terms.
"Through the New Immigrants Initiative, we are responding to the immigrant
population growth trends in the United States," explained Swan, of Bank One
Mortgage. Eligible borrowers through the "New Immigrants Initiative" must
have lived and worked in the United States for two consecutive years. The
Immigration and Naturalization Service (INS) indicates that there are now over
26 million immigrants in the United States, with most of this population
arriving since 1980. By the year 2010, the total U.S. immigrant population is
projected to be 31.6 million people, or 10.6 percent of the American
population.
"We will continue the expansion of home-buying opportunities by improving
the quality of housing and helping to remove barriers to homeownership," said
Swan of Bank One Mortgage. For more information about the New Immigrants
Initiative program being offered through Bank One, contact Leony Tavas-Scott
630-932-6205.
Bank One Mortgage is a subsidiary of BANK ONE CORPORATION (NYSE: ONE)
which is the nation's fifth largest bank holding company, with assets of more
than $264 billion. Bank One offers a full range of financial services to
commercial and business customers and consumers. Information about Bank One
can be found on the Internet at http://www.bankone.com .
Fannie Mae is a New York Stock Exchange company and the largest non-bank
financial services company in the world. It operates pursuant to a federal
charter and is the nation's largest source of financing for home mortgages.
Over the past 30 years, Fannie Mae has provided nearly $2.5 trillion of
mortgage financing for over 30 million families. More information about
Fannie Mae can be found on the Internet at http://www.fanniemae.com .
SOURCE Bank One
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Related links:
http://www.bankone.com
Company News On-Call:
http://www.prnewswire.com/comp/084675.html or fax,
800-758-5804, ext. 084675
CONTACT:
Kate Hibbs of Bank One Mortgage,
317-321-3367; or Fannie Mae Product Inf. Line, 800-7-FANNIE
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