An Update on Arizona Predatory Lending
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An Update on Arizona Predatory Lending

October 12, 2001

Keep Your Pipeline FullJoel S. Patehomeownership, downpayment assistance, gift programs,
In many nationwide markets, millions of hardworking families are
unable to obtain the simple dream of homeownership. Owning a home
allows a family to establish roots, build equity and, of course,
fulfill the overwhelming desire for a place to call their own.
The lack of available downpayment funds is the primary reason
why most families are unable to purchase a home. With lack of funds
limiting an increasing number of buyers, shouldn't you consider
marketing your company as your area's downpayment gift program
expert?
Many mortgage companies have done just that. Whether a first-,
second- or third-time home buyer, downpayment gift programs are
meeting the needs of many families. Thanks to originators like you,
gift programs are providing the opportunity for more than 12,000
families per month to purchase homes.
However, should you consider making the move into marketing gift
programs, there are several basic parameters to consider. Most
importantly, verify that the specific program you choose is
approved by your lenders. Additionally, make sure that the chosen
charity can provide the marketing and customer service support that
you require. Several downpayment programs have local
representatives who provide on-site marketing support, real estate
agent and builder training, and free marketing materials.
Consider the gift program provider as a part of your team. As a
team member, they should be accessible, return phone calls
promptly, and provide answers to your questions in a timely
manner.
By deciding to become the downpayment gift program expert in
your area, you will be both financially and personally rewarded.
You will never forget the expression on a client's face when they
look at you and say, "This is my home. Thank you for helping
me."
Joel S. Pate is president of American Family Funds Inc.,
administrator of the Dove Foundation Downpayment Gift Program. He
may be reached by phone at (251) 344-1084 or by visiting www.americanfamilyfunds.com.

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