Mississippi and Louisiana are among 20 states where the program will be offered. America is only as strong as its communities, and communities are only as strong as the families that live within.
Home ownership is part of the foundation of a stable family.
To reach prospective home buyers, there will be home ownership fairs and seminars, radio and newspaper ad campaigns and individual credit counseling. The banks and other lenders will offer a variety of mortgages with special terms. Fannie Mae and Freddie Mac have agreed to buy them, and several mortgage insurance companies will insure them. Money for down payments may come from grants or from unsecured loans from community groups, government agencies or employer-assisted housing programs. Fannie Mae and Freddie Mac are government-sponsored but publicly traded companies that buy mortgages from original lenders such as banks and package them into securities for resale to investors.