MORTGAGE COMPANY WILL OFFER IMMIGRANTS EASIER PATH TO HOME OWNERSHIP

Bank One Mortgage, a national mortgage lender and subsidiary of Bank One Corporation, is beginning a New Immigrants Initiative in selected cities across the US.  This new initiative, one of the first of this type in the country, will enable recent immigrants to buy their own home with much more ease than is currently possible.  The initiative has been made possible through the cooperation of Fannie Mae, the federally funded mortgage lender.

Recent reports have been released showing that immigrants make up the fasting growing segment of the housing market. Yet they face unique problems qualifying for financing such as having limited American credit histories or facing bars by banks on lending to non-citizens or permanent residents.

Some of the features of the new Banc One program are

• Down payments as low as 3 percent for eligible, working immigrants who have applied for a green card
• Related co-borrowers with no credit history are permitted, under certain circumstances;
• Greater flexibility for borrowers with cash on hand;
• A borrower's most recent 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.

For more information about the New Immigrants Initiative contact Kate Hibbs 317/288-8727.   Additional information is also available at the Bank One website, www.bankone.com, and the Fannie Mae website, www.fanniemae.com.

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