OneUnited Bank Rolls Out New Home Loan Programs For Urban Communities

Published: 09-Feb-2010

To support the needs of urban communities, OneUnited Bank has rolled out new lending programs 'Super Smart Home Loan Program' and multi-family loan program.

The 'Super Smart Home Loan Program' offers 30-year and 15-year fixed rate loans to provide an opportunity for customers to refinance out of undesirable home loans or obtain a mortgage to buy a new home or investment property. OneUnited Bank is also introducing a multi-family loan program to finance affordable housing.

Kevin Cohee, chairman and CEO, said: “For many years, we have promoted well thought out home mortgages, when others promoted subprime loans. These subprime loan programs set families up for future failure. We think Black History Month provides a symbolic moment for our community to focus on our past accomplishments to inspire us to engage in activities that will lead to greater economic empowerment.

"Now we see an opportunity for our community to take advantage of more affordable home prices and low interest rates to become first time home buyers, purchasers of investment properties or to refinance existing high rate or adjustable rate mortgages.

“We want to thank our supporters including Representatives Barney Frank and Maxine Waters. We recognize our responsibility to help our community make supersmart decisions when it comes to home mortgages. A well-thought out home financing will ensure that there are sufficient resources to support the mortgage and home maintenance expenses. This allows the homeowner to comfortably pay for their home and build equity over time.”

OneUnited Bank is the first Black-owned interstate bank and the first Black-owned online bank in America. The bank is a community development financial institution (CDFI). It serves urban communities by promoting financial literacy and wealth building, and offering affordable financial services.

OneUnited has grown through a combination of organic development and by acquiring community banks that share its mission, including Boston Bank of Commerce in Boston, Massachusetts, Founders National Bank and Family Savings Bank in Los Angeles, California, and Peoples National Bank of Commerce in Miami, Florida.

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