New Community Program to Increase Homeownership in Tucson Announced Today
—Ready, Set, Own! initiative connects prospective homeowners with
local resources—
TUCSON, Ariz.--(BUSINESS WIRE)--Oct. 14, 2014--
Ready, Set, Own!, a new community program created to help more people in
Tucson become homeowners, was announced today at a press conference
featuring executives from Radian Guaranty Inc., Tucson Mayor Jonathan
Rothschild and the local housing, credit counseling and lending
community. Ready, Set, Own! is designed to assist potential homeowners
by providing them with the information and resources they need to begin
the path toward sustainable and responsible homeownership. The program
is sponsored by Radian, a provider of private mortgage insurance, which
enables homebuyers to purchase a home with less than a 20 percent
downpayment. Tucson was selected as the pilot city for the Ready, Set,
Own! program, which may expand to additional communities across the
United States.
Ready, Set, Own! brings together local housing, lending and credit
counseling resources to develop a personalized plan that results in
successful homeownership for anyone wishing to buy a home. The
all-encompassing approach is open to everyone, regardless of financial
status, and is entirely free.
As a key component of the program, Ready, Set, Own! participants will be
paired with local credit counselors and mortgage lenders to create a
mutually supportive team of three who work together on the individual’s
step-by-step plan toward homeownership. These co-mentors and strategic
guides will provide assistance with the qualifications process, credit
and debt issues and establishing a downpayment savings plan.
"Tucsonans considering buying a home need good information," said Mayor
Rothschild. "I'm very pleased that Tucson will be the first city to
launch the Ready, Set, Own! homebuyer assistance program."
“The American dream of owning a home is the cornerstone of vibrant,
healthy and happy communities,” said S.A. Ibrahim, CEO of Radian. “At
Radian, our goal is to help people from all walks of life and all
financial backgrounds to responsibly achieve that dream, but we know it
isn’t always easy. Potential homebuyers sometimes need resources and
guidance to help them on their way, and the Ready, Set, Own! campaign is
designed to empower them with the knowledge and preparation they need to
turn homeownership into a reality.”
“The decision to buy a home is one of the most important financial
decisions a person can make,” said Ray Desmond, President and Founder of
NOVA Home Loans. “We’re proud to serve as mentors for the Ready, Set,
Own! program and believe this campaign will provide clarity and
opportunity for anyone considering homeownership in Tucson. We know that
by helping more people own their own homes, our entire community stands
to gain as homeownership has been tied to significant economic, social
and civic benefits.”
Radian selected Tucson for this program because it was a market hit
particularly hard by the recent housing crisis, with the homeownership
rate falling to a recent historic low of less than 50 percent. The
long-term goal of the program is to restore the local homeownership rate
to 55 percent, the level it was averaging shortly before the recession.
The national homeownership rate, by comparison, currently sits at 64.7
percent.
Ready, Set, Own! is open to any and all national, state and local
organizations, businesses, groups or even individuals who want to
support the program and give help to potential homeowners in Tucson.
Current Ready Set Own! partners include the Primavera Foundation,
Habitat for Humanity Tucson, Family Housing Resources, Chicanos por la
Causa, Nova Home Loans and V.I.P. Mortgage.
In addition to support from Mayor Jonathan Rothschild and the City of
Tucson, Ready, Set, Own! has also received endorsements from: America’s
Homeowner Alliance, Pepper Viner Homes, Keller Williams Realty, La
Frontera Housing, the National Association of Mortgage Brokers, the
Southern Chapter of the Arizona Association of Mortgage Professionals
and the Southern Arizona Mortgage Lenders Association.
Tucson residents who want to participate in Ready, Set, Own! and those
who would like to support the program through a partnership or
endorsement can visit www.readysetowntucson.com
to learn more and sign up.
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides
private mortgage insurance and related risk mitigation products and
services to mortgage lenders nationwide through its principal operating
subsidiary, Radian Guaranty Inc. These services help promote and
preserve homeownership opportunities for homebuyers, while protecting
lenders from default-related losses on residential first mortgages and
facilitating the sale of low-downpayment mortgages in the secondary
market. Additional information may be found at www.radian.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20141014005149/en/
Source: Radian Group Inc.
Radian Group Inc.
Media Contacts:
Andrea Hurst, 405-487-7721
ahurst@cvic.com
or
Lori
Guyton, 901-277-6066
lguyton@cvic.com
