Business Wire: Down Payment Assistance Program Organized by Allied Mortgage; Non Profit Foundation to Provide Gift Funds for Qualified Borrowers

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Down Payment Assistance Program Organized by Allied Mortgage; Non Profit Foundation to Provide Gift Funds for Qualified Borrowers

Business Editors

HOUSTON--(BUSINESS WIRE)--Feb. 22, 2001

Believed to be the first charitable 501(c)(3) non profit corporation, organized with the support of a national mortgage banker, the Alliance Housing Assistance program was announced today by Houston-based Allied Mortgage Capital Corporation. The program provides gifts for the down payment and closing costs to qualified buyers purchasing participating homes.

David Hail, executive vice president of United American Housing and Education Foundation (UAHEF), which administers the Alliance Housing Assistance Program stated, "Our goal is to make the dream of homeownership a reality for as many prospective homebuyers as possible by effectively addressing the affordability challenge...the lack of funds for down payment and closing costs. Many people qualify for the monthly payments on a home loan but do not have the funds required for a typical down payment and closing costs. That is where the Alliance Housing Assistance Program comes in. We can make a gift of up to 3% of the purchase price of the property to a maximum of $7,500.00. Typically the gift funds will be tied to a home purchase utilizing an FHA loan," Hail continued. "This allows a prospective homebuyer to purchase participating homes with little or no cash out of pocket. These funds do not have to be paid back. It is a true gift," Hail said further.

"Allied Mortgage recognized a long time ago that home ownership is one of the most powerful ways that people can improve their lives," said Jim Hodge, CEO of Allied Mortgage Capital Corporation. "I believe it makes for a better family quality of life, helps children feel safer and secure, lends stability to marriage and family and creates personal financial security. It is also a very important contributor toward creating wealth and the feeling that the American system works for them. I consider homeownership a good social, as well as a good personal investment," Hodge concluded.

Homebuyers who are interested in the Alliance Housing Assistance down payment gift program, should contact one of the 540 local Allied Mortgage branch offices nationwide or contact the UAHEF offices at 972/772-5140. Information will also soon be available through the foundation's new Web site at www.allianceassistance.org.

About Allied Mortgage Capital Corporation

Allied Mortgage Capital Corporation is the largest U.S. privately held mortgage banker/mortgage broker, with 540 offices in 49 states, Guam and the Virgin Islands. Allied's development of over 700 investors with several thousand programs and innovative partnerships have allowed it to deliver customized products to each borrower. Combined with the energy of branch managers who have the freedom to respond to local market conditions, Allied has experienced sequential double-digit growth since it was founded in 1991.

For more information about the company, visit Allied's Web sites at www.branchasap.com and www.mortgageasap.com.

Corporate address: Allied Mortgage Capital Corporation, 6110 Pinemont Ave, Houston, TX 77092. Telephone: 713/353-0400.