New Freddie Mac Campaign Aimed at Dispelling Home Buying Myths

WASHINGTON – As part of its continuing effort to enable more Latinos and African Americans to become homeowners, Freddie Mac has launched a new campaign targeted at debunking common misconceptions about homeowners which the housing Government Sponsored Enterprise says are stopping financially able families from even considering buying a home. Miami-Dade County Commission Chairperson Dr. Barbara Carey-Shuler (District 3), Miami-Dade County Commissioner Jimmy Morales (District 7) and Chase Home Finance were on-hand in Miami, Fla. on Oct. 28 for the launching of “Homeownership, Let the TRUTH Move You.” The campaign was implemented in collaboration with the Housing Financial Authority of Miami-Dade County, the Miami-Dade Affordable Housing Foundation Inc., and the National Association of Hispanic Real Estate Professionals South Florida. The campaign, says Freddie Mac, “will provide straightforward and up-to-date information about all aspects of homeownership, including costs associated with home buying and credit history requirements.” We can’t allow misinformation to be a barrier for the families who may want to buy a home, said Freddie Mac VP Customer Care Tonya Jackson at the ceremony marking the campaign launching. Commissioner Morales said the public awareness campaign “will help close the gap by giving families the information they need to overcome obstacles to purchasing their homes.” Freddie Mac research shows reliable, accurate information about home buying is not reaching all communities. For example, almost half of African Americans and Latinos believe they need a 20% down payment to buy a home, and that they need almost perfect credit to get a loan. In addition, more than half believe they must have the same job for at least three years to get a loan. Other misconceptions include: home buyers need an almost perfect credit rating to qualify for a mortgage; lenders share personal financial information with each other and the government; and people who do not have a checking or savings accounts cannot buy a home. To help get the word out about the campaign, a radio advertising campaign and various grassroots outreach efforts will be conducted to motivate consumers to learn more about the home buying process and call a toll-free number (1-866-7TRUTHS, and 1-877-ATREVE1 in Spanish) to register for free one-hour educational sessions in English and Spanish. The Miami-Dade Affordable Housing Foundation, Inc. will be hosting the educational sessions at its offices in Miami and it will also provide homeownership counseling. The Housing Finance Authority of Miami-Dade County and the South Florida National Association of Hispanic Real Estate Professionals will serve as a referral network of REALTORST to assist individuals in the home buying process. -