Faith-Based Homeownership Effort Launched

A faith-based campaign to help more Rhode Island families become first-time homeowners has been announced by Sen. Lincoln Chafee, R-R.I., the Faith Community Coalition for Homeownership, the Cathedral of Life Community Development Corp., Wells Fargo Home Mortgage, and Freddie Mac.Freddie Mac said the Faith Community Coalition for Homeownership will identify potential homeowners and work with the Consumer Credit Counseling Services of Southern New England and other organizations to ensure that participants receive in-depth pre- and post-purchase homeownership counseling. "In addition, Wells Fargo Home Mortgage will provide flexible, low-downpayment mortgages that Freddie Mac expects to purchase, in order to provide a steady flow of mortgage credit for additional borrowers," the government-sponsored enterprise said.