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Freddie Mac funds Housing Counseling
Services Through Grant

Under the Freddie Mac Housing Counseling grant, which began March 1, 2007, Mississippi Home Corporation has funded 186 client services and has used $7,873.92 of the $50,000 awarded.

MHC is using the grant monies to prepare more than 300 Mississippians for homeownership through homebuyer education classes, homebuyer counseling and credit counseling services. By providing these services, MHC hopes to expand homeownership opportunities for minorities, low-to-moderate income residents, and the many underserved areas throughout Mississippi where housing counseling services are not available.

The lenders that Freddie Mac chose to participate in this grant, Regions and Trustmark, are also participating lenders with MHC. Under the grant, Regions and Trustmark refer clients in need of housing counseling services to the three participating agencies: Institute for Disability Studies (IDS)/University of Southern Mississippi, CCCS of Greater New Orleans Inc. (CCCS), and WEM Consulting, a subsidiary of Drafting Services, Inc.

Willie McGriggs, housing counselor, financial advisor, and owner of WEM Consulting, has used a portion of his allocated monies serving clients through homebuyer education workshops in Jackson and Vicksburg, one financial workshop at Trustmark Bank in Greenville, and one financial workshop at Regions Bank in Clarksdale.

“At WEM Consulting, we’ve been able to use the Freddie Mac Housing Counseling Grant to strongly impact the lives of over 60 individuals in 9 counties all across Mississippi,” McGriggs said. “These individuals are well on their way to homeownership and more importantly, financial stability. Four of these individuals have either closed or they are in the process of closing on a home loan.

One of the core principles that McGriggs tells his clients is that homeownership is about more than just getting the loan. It is about getting a fair loan and maintaining the loan and the purchased property.

The Freddie Mac grant is one of two housing counseling grants that MHC has been awarded. Through the 2006-2007 HUD Housing Counseling grant MHC has funded 16 housing counseling agencies across the state (Note: agencies receiving funding under the Freddie Mac grant through MHC are not receiving funding under the HUD Housing Counseling grant through MHC).

“MHC is exited to have the ability to fund more housing counseling agencies throughout Mississippi,” said Debbie Eldridge, Marketing Specialist at MHC managing the Freddie Mac grant. “Being educated on the home buying process is especially important considering the current state of the mortgage industry.”

Other initiatives of the grant include: helping Mississippi recover after Katrina, expanding the use of conventional lending in MHC’s Mortgage Revenue Bond Program, and supporting consumer education through Freddie Mac’s “Don’t Borrow Trouble” anti-predatory lending campaign.

To find contact information for housing counseling agencies and participating lenders across the state, please visit our website: http://www.mshomecorp.com.

 

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