CHICAGO, July 23, 2020 /PRNewswire/ -- Seaway, a division of Self-Help Federal Credit Union (Self-Help), and Guaranteed Rate, Inc., one of the largest retail mortgage lenders in the country, have partnered to broaden the availability of mortgage loan products to the community in Chicago's South Side.
One of Self-Help's primary goals is to increase homeownership among underserved borrowers.
"Partnering with a large, independent lender like Guaranteed Rate helps increase our impact in communities that need it most," said Daryl Newell, President of Seaway, a division of Self-Help Federal Credit Union. "That means many more families will be able to make their dream of buying a home come true. That's especially important for African American families, whose homeownership rate is currently less than 40% in the Chicago area."
"Everyone strives to attain the American dream of homeownership," said Guaranteed Rate Chief Investment Officer Ted Ahern. "We are thrilled to be partnering with Seaway in order to deliver Guaranteed Rate's unique available and tailored loan products to more customers throughout Chicago."
Through this partnership, Seaway's mortgage division can now refer qualified borrowers to all of loan product options, including FHA and VA loans, which Seaway previously didn't offer.
Deborah Momsen-Hudson, Self-Help Director of Secondary Markets said, "Increased homeownership rates have many important social benefits leading to lower crime rates, higher civic engagement, wealth creation for homeowners and greater educational attainment."
Some borrowers have already benefitted from the new partnership. Anthony Gilmore, a lifelong resident of Chicago's South Side, recently closed on a mortgage loan for his new home.
"I was so excited to work with Self-Help and Guaranteed Rate," Mr. Gilmore stated. "Everything went so smoothly, and I have a great rate on my loan. I couldn't be more pleased."
FHA loans, which are insured by the federal government, are sometimes the most suitable option for first-time homebuyers, those with limited savings to put toward a down payment, and those with below median credit scores. VA loans, which are guaranteed by the Veteran's Administration, are available to eligible veterans and active service members, offer more flexible credit approvals and often require no down payment.
Over the last year, Guaranteed Rate originated over $3 billion in FHA and VA loans for consumers across the country.
About Seaway, A Division of Self-Help Federal Credit Union
Seaway, a division of Self-Help Federal Credit Union, was once the largest African American owned bank in the Midwest. Founded in 1965, it served communities in south and west Chicago as well as Milwaukee. Self-Help Federal Credit Union was chartered in 2008 to build a network of branches that serve working families and underserved communities. With 19 branches in California, 10 branches in Illinois, and 1 branch in Wisconsin, over $1.2 billion in assets, and serving more than 78,000 members, Self-Help Federal is one of the fastest-growing low-income designated credit unions in the country. It is part of the national Self-Help family of non-profit organizations whose collective mission is to create and protect ownership and economic opportunity for all. For 40 years, the Center for Community Self-Help and its affiliates have provided $9.3 billion in financing to help over 175,000 low-wealth borrowers buy homes, start and build businesses, and strengthen community resources. For more information, go to www.self-helpfcu.org and www.self-help.org.
About Guaranteed Rate
Guaranteed Rate is one of the largest retail mortgage lenders in the United States. Headquartered in Chicago, the Company has more than 4,000 employees in nearly 350 offices across the U.S., and is licensed in all 50 states and Washington, D.C. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with home purchase loans and refinances and funded more than $30 billion in loans in 2019 alone. The Company has cemented itself as Positively Different by introducing innovative technology, such as the world's first Digital Mortgage, by offering low rates and by delivering unparalleled customer service. Honors and awards include: Top Lender for Online Service for 2018 by U.S. News & World Report; No. 3 ranking in Scotsman Guide's Top Retail Mortgage Lenders 2019; Top Lender 2016, 2017 and 2018 by Chicago Agent magazine; Chicago Tribune's Top Workplaces list for seven consecutive years; and Best Online Mortgage Lender, Best Mortgage Lender for VA loans and Best Conventional Mortgage Lender by NerdWallet in 2019. Visit rate.com for more information.
For More Information, Contact:
Jenny Shields, Director of Media Relations
Jennifer Zeidler, VP of Public Relations
Self-Help Credit Union
SOURCE Self-Help Federal Credit Union
These press releases may also interest you