Making Homes More Affordable: Using Home$tart and MPF Together

posted on Tuesday, April 12, 2016 in Affordable Housing

Member Profile

Willamette Valley Bank has worked hard to gain the reputation of being a reliable, trusted hometown community bank. In the past year alone, it has helped more than 1,300 families in the Northwest purchase or refinance their homes. With headquarters in Salem, Oregon, Willamette Valley Bank provides personal, small business and mortgage banking services throughout the region.

The Challenge

Willamette Valley Bank takes pride in having more control of the way its clients' loans are processed, underwritten and funded. It also cares about the communities that it serves and looks for opportunities to help families and individuals realize their homeownership dreams. To do this, it needs knowledgeable loan officers, good investors and reliable sources of funding for affordable housing. Willamette Valley Bank is constantly in search of the best solutions to remain competitive and carry out the mission of its mortgage business.

The Solution

With the help of the FHLB Des Moines Home$tart Program, Willamette Valley Bank is able to provide homeownership opportunities, while establishing relationships with potential customers. It was a recipient of $200,000 in Home$tart funding in 2015 and offered eligible households $5,000 to assist with down payment and closing cost assistance. The Willamette Valley Bank couples Home$tart with the FHLB Des Moines Mortgage Partnership Finance (MPF) Xtra Program.

The Result

The MPF products have helped Willamette Valley Bank recruit and train talented loan officers and make deals that it would not be able to otherwise make. The Home$tart program has allowed the bank to target first-time homebuyers and set them up for success in their communities. It has also provided loan officers with an advantage in establishing relationships with local real estate agents and potential customers.


TAGS

  1. Community Investment Programs
  2. Home$tart
  3. Mortgage
  4. MPF
  5. Partnerships
  6. Solutions