March 29, 2012
NHS and Holy Rosary Credit Union Form a Partnership Offering First Mortgage Loans
KANSAS CITY, Mo. – Neighborhood Housing Services of Kansas City, Inc. (NHS) and Holy Rosary Credit Union of Kansas City (HRCU) are pleased to announce a new partnership to provide first mortgage loans to HRCU members without the fees that are often associated with smaller dollar mortgages.
The program will provide mortgage loans as low as $25,000 with no additional fees or points. These loans will be originated using standard guidelines related to credit, collateral etc. Loan applications will be accepted by NHS’ licensed loan officers and processed by NHS staff. Loans will be closed by the Holy Rosary Credit Union. The goal of these loans is to increase the homeownership rate among lower wealth Kansas City area households. “We are very excited to have a lending partner who really understands the transaction from the perspective of the buyer”, said Carole Wight, President of Holy Rosary Credit Union. “There are a lot of good serviceable houses in the central city that our members are interested in buying, and now we have a process in place to make it possible.”
“We have been a strong proponent of this type of program for a long time” stated Mark Stalsworth, CEO of Neighborhood Housing Services. “As a NeighborWorks® Charter Organization NHS has been involved in most of the unique mortgage programs in the KC area that help working families’ buy their first home. HRCU is our newest partner in these efforts, and we hope that the network keeps growing.”
Holy Rosary Credit Union serves a clientele that are primarily centered in the Historic Northeast section of Kansas City. This area has a large immigrant population, including large numbers of Hispanic and Vietnamese residents. “One of the really exciting pieces of the agreement will be providing home buyer education in both Spanish and Vietnamese”, says Marjorie Major, Homeownership Center Manager. “These will generally be smaller loans, and we hope to see a lot of 15 year and even 10 year loans come out of this partnership.”
Neighborhood Housing Services is a NeighborWorks® Charter Member, and is located at 5835 Troost, Kansas City, Missouri 64110. Its mission is to revitalize and maintain urban neighborhoods as vibrant areas that attract people who value diversity, historic architecture, security and community.
If you would like to assist with supporting the programs and services offered by Neighborhood Housing Services, donations may be sent to the NHS offices. Please visit our website at www.nhsofkcmo.org for more information about Neighborhood Housing Services programs and services.