Industry News

New home-ownership program launches in Colorado

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Several groups have combined forces to offer a first-time home-ownership program for Colorado families. The National Organization of African Americans in Housing, Colorado Housing and Finance Authority and Mortgage Guaranty Insurance Corp. unveiled the program during a National Association of State Housing Agencies' annual conference in Chicago, Ill. The program will include more inclusive underwriting criteria, reduced mortgage insurance premiums, and specialized home-ownership counseling designed to achieve success for first-time home buyers participating in this new program. Mortgage Guaranty Insurance Corp.'s SmartPath mortgage insurance product is a component of this initiative. "The convergence of CHFA with NOAAH and MGIC in the initiative is of great significance because it enables us to expand our first-time home buyer delivery system with a set of new partners," said Milroy A. Alexander, CHFA executive director. "This program represents an important opportunity for all l...