The mission of Homewise is to help working New Mexicans become successful homeowners in order to achieve financial security, strengthen families and increase the economic and social vitality of our communities.
Homewise is a CDFI with a vertically integrated business strategy. The lines of business provide all services needed in the home buying process and throughout the life of the home. All services are provided in English and Spanish.
Homewise maximizes value for customers by providing all services necessary to create homeowners who can successfully manage their real-estate asset to increase their financial security.
- Homebuyer Training and Financial Fitness - free homebuyer and financial literacy education
- Counseling - an advocacy approach helping customers develop an individualized strategy to reduce debt, build savings, and improve credit
- Real Estate Services - with salaried real estate agents on staff, the home purchase process is easier to understand, customer-friendly and not commission driven
- Lending - a variety of lending products are offered
Home Improvement Helping homeowners maintain equity in their homes, this program provides:
- Home Repair - Home-improvement loans and construction management
- Water and Energy Conservation - Free consultations to homeowners on how to save water and energy in their homes with low interest loans for conservation measures
Real Estate Development
Homewise develops affordable homes in its service region where there is a market shortage. In designing homes, Homewise focuses on the initial cost of the house, as well as the long-term operating costs of the house. The overall goal is to build new homes increasing the supply of affordable housing, while creating sustainable development.
Homewise serves an eight-county region in north central New Mexico with a total population of 403,195. Our customers qualify for Home Purchase and Home Improvement services with an annual household income of under $79,200. Water conservation services through the home improvement department are offered to all City and County residents with no income qualifications.
In FY '08-'09:
- Invested $32,465,921 in the community as loans for home purchases and improvements
- By eliminating the cost of mortgage insurance with a Homewise loan, each homebuyer saved on average $2,448 annually
- The preservation of 165 local Homewise homebuyers equaled $6,189,934 available to be spent annually in the local economy
- 565 families received free homeownership and financial counseling or education
- Of the new homeowners, 20 were teachers and school employees and 40 local government employees and 31 immigrant families