Tri Counties Bank to help home buyers
Tri Counties Bank has announced a partnership with the National Asian-American Coalition to provide a program to support advance payments, which starts on July 7. The program aims to help eligible low- to moderate-income home buyers, especially in underserved communities, fund down payments for home purchases.
The new program will be coordinated through NAAC, while Tri Counties Bank will offer mortgage financing to borrowers. Tri Counties Bank also provides financial support to NAAC. Qualified home buyers can get a simple loan of up to 3% of the price of the home (with a maximum of $ 10,000) to help with the initial payment. For the first time, home buyers may also be able to receive additional prepayment assistance from Tri Counties Bank through the San Francisco Federal Bank’s Home Loan WISH program, which provides up to $ 22,000 in down payment.
“Tri Counties Bank is pleased to partner with NAAC to implement this program,” said Rick Smith, president and CEO of Tri Counties Bank, in a statement. “Our goal is to strengthen and develop our communities, including those that have been underserved, by providing potential low- to moderate-income buyers with the means to achieve the dream of buying their first home.”
The program is available through the NAAC for home buyers in the evaluation areas of the Tri Counties Bank Community Reinvestment Act. Participants must also qualify for income and qualify for a first mortgage through Tri Counties Bank.
The loan to support the initial payment can be forgiven if the home is not sold, donated or otherwise handed over or refinanced within five years from the date of completion of the mortgage. Otherwise, the loan will be repaid proportionally by the NAAC at 20% per annum and will be used for future loans under the DPA program.
“One of the biggest barriers for homeowners to own a home for the first time is the lack of down payment assistance,” Faith Bautista, president and CEO of the National Asian-American Coalition, said in a press release. “Tri Counties Bank’s DPA program will help increase home ownership in low- to moderate-income communities, as well as bridge the gap between wealth and income inequality.
Interested home buyers can contact the NAAC about the DPA program at 650-952-0522 or www.NAAC.org.
John Dalby is returning from medical leave
Redwood Capital Bancorp announced earlier this month that John E. Dalby had returned as president and CEO of the company after a temporary medical leave.
“I would like to take this opportunity to express my sincere gratitude to the board of directors and the entire Redwood Capital Bank team,” Dalby said in a statement.
He also thanked the company’s team.
“Although there are many people to thank, I would like to congratulate Jennifer Budwig for her leadership as Acting CEO during my vacation,” he continued. “Jennifer has never hesitated in her commitment to the company, our customers, shareholders and staff. She has distinguished herself in both roles as Acting Chief Executive Officer and Chief Credit Officer. In addition, I would like to acknowledge Redwood Capital Bank’s executive team, including Renee Byers, SVP / Chief Financial Officer, Tammy Brown, SVP / Chief Credit Officer, Michael McCoy, SVP / Risk Manager and Dave Tierney, SVP / CIO to continue to fulfill the mission and strategy of the companies. Finally, thank you to Vice President / Executive Assistant Cindy Cohn for her dedication and in-depth knowledge during this challenging time. I couldn’t be happier to be home and come back to work with this fantastic group of people in this amazing community. ”