Abogados de Inmigracion

Surveys and focus groups conducted by Freddie Mac show that a primary cause of the gap is uncertainty within minority communities about whom to trust in the home buying process, said Craig Nickerson, vice president of Freddie Mac’s Expanding Markets division.

To help correct this problem, the federally chartered financier of mortgage loans has joined with churches, community development corporations, and lenders to initiate faith-based efforts aimed at increasing rates of minority homeownership in Bridgeport, Conn., Queens, N.Y., and central New Jersey.

''We needed to find an emissary they trust to help them take the first step, and we found it to be the faith community,'' Nickerson said.

The program relies on members of the clergy who vigorously preach the virtues of self-sufficiency and the financial benefits of home ownership at Sunday services.

Church members are encouraged to enroll in a comprehensive homeownership education program developed by Freddie Mac. The programs’ trainers are typically church volunteers.

Since the program began six months ago in Queens, about 100 residents have developed personal financial action plans, 104 have opened bank accounts, and eight have been pre-approved for mortgages of $130,000 to $250,000, but none have yet bought a property.

''One of the greatest frustrations is you can get a person to address credit delinquencies and have sufficient savings to technically qualify for a mortgage, but the housing market's prices are limiting what people can do,” said Bridgette Russell, interim director of the program.