CitiMortgage Inc., The First American Corp., Neighborhood Housing Services of America (NHSA), Just Price Solutions (JPS) and State Farm have partnered to offer the R-Home mortgage program, which is designed to make 30-year fixed-rate mortgages available to eligible District of Columbia residents with little or no credit history.
The program will use The First American Corp.'s ANTHEM alternative credit-evaluation model – which takes into account rent, utilities and child care payments to establish payment history – and technology platforms from NHSA and JPS. Loan servicing will be provided by CitiMortgage, while State Farm and Fannie Mae will serve as investors. In addition, Mortgage Guaranty Insurance Corp. and PMI Mortgage Insurance Co. have signed on to provide mortgage insurance.
The companies estimate that the pilot program could serve 2,000 consumers in Washington, D.C.
