PNC Mortgage, Vernon Hills, Ill., has been honored by the Department of Housing and Urban Development for its support of minority first-time homebuyers.
Nicholas P. Retsinas, assistant secretary for housing, recognized PNC as among the top five 1994 sources of FHA-insured mortgages for this group.
"We view improving access to affordable housing as both a business opportunity and the right thing to do," said Walter C. Klein, Jr., chief executive officer at PNC. The award from HUD "is tangible evidence that PNC Mortgage is making a difference in serving minority borrowers across the country."
Larry Cameron, the president of the National Association of Real Estate Brokers, the largest minority realty organization in the country, commended PNC on its efforts to reach many different markets and make housing affordable to minorities.
"I am impressed with the innovative approaches PNC Mortgage has taken in making its commitment to our urban communities a reality," Mr. Cameron said.
Loans insured by the Federal Housing Administration are part of an affordable-housing program by PNC to help overcome traditional obstacles to homeownership, including loans requiring only a 3% down payment.
The program, Neighborhood Now, also encompasses an underwriting method that determines qualification by taking major monthly expenses into account, such as rent, and maintaining good credit. Such alternative qualifying standards are the basis of many low-income lending programs.
There is also a Spanish language version of PNC'S pre-approval program called Aprobacion Primero.
