NEWS RELEASE

Media Contact:
Renee Beauregard 303-400-3456
Whitney Cortner, 720-479-3311, email wcortner@colocu.com

CONSUMERS UNITED ASSOCIATION UNLOCKS THE POSSIBILITIES OF COLORADO HOMEOWNERSHIP

ARVADA, CO. (May 1, 2007) – Build wealth through owning a home! Consumers United Association (CUA), a non-profit Colorado consumer advocacy association, has unlocked the possibilities of Colorado homeownership. Participating in a radio interview focused on “1st Time Homebuying Information,” CUA streamlined the home buying process in three succinct radio programs. In addition, CUA defines the key steps to achieving homeownership despite high foreclosure rates stifling Colorado’s economic stability.

“Americans are facing an all-time low rate of savings, which keeps them for realizing their dreams of homeownership,” said Renee Beauregard, executive director of Consumers United Association. “However, growth is impacting Colorado and its housing stock is becoming more affordable compared to other competitive regions. In fact, the medium price of an existing single-family home is $252,000 in metro Denver which increased a meager 2% in 2006 compared to the national increase of nearly 4%.”

CUA serves as Colorado’s consumer resource catalyst, robustly delivering the hard facts on what it takes to become a homeowner in Colorado. From preparation tips; availability of numerous Colorado programs; worksheets and calculators to figure out affordability; and marketplace trends, CUA takes the guesswork out of the homeownership journey.

“Purchasing a home is a big decision and one that should not be taken lightly.  There are many financial factors to consider before buying a home and CUA offers an abundance of resources,” said Beauregard.  “So, for people planning to buy a home, CUA offers information on getting your credit ready; down payments; how much you can afford and getting pre-approved for a loan. We are committed to improving the financial lives of consumers through financial education and advocacy.”

In fact, did you know that first time homebuyers often qualify for many programs designed to help with the purchase of a starter home? For example, Home Loan Payment Relief (“HLPR”) Program is designed for people with incomes at or below the median in their market. Local credit unions offering this program include: Bellco Credit Union, DPS Credit Union, ENT Federal Credit Union and Red Rocks Federal Credit Union.

“Bellco’s HLPR Mortgage program is available for first time homebuyers and provides a variety of practical features and benefits,” said Doug Ferraro, President/CEO of Bellco Credit Union. “Through this program, homebuyers with lower incomes can still buy a house through lower initial monthly payments, lower interest rates, lower total closing costs and no down payment required. Bellco CU is proud to offer the HLPR program in our effort to underscore the credit union philosophy of “People Helping People.”

In addition, many housing counseling agencies offer first time homeowner programs such as: Native American Homeownership; Veterans Affairs properties for sale; U.S. Department of Agriculture Rural Housing; ColoradoHousingSearch.com; Colorado Division of Housing; Colorado Housing and Finance Authority; Colorado Mortgage Lenders Association Consumer Help Line, and the Hero Alliance for disabled prospective homeowners. In fact, Fannie Mae's American Dream Commitment®, a 10-year pledge to help 6 million families, including 1.8 million minority families, become first-time homeowners is a great resource to investigate by visiting www.fanniemae.com.

CUA offers online worksheets and calculators for prospective homeowners to use in determining their budget for purchasing a house.  Once determined, the pre-approval process begins and the quest to find a lender with the best rates and professional reputation.

“We urge you to use caution as you move through this process and work only with reputable lenders,” said Beauregard.  “If you belong to a credit union, talk to them first and if you don’t belong to one, you can become a member by joining CUA online at, www.cuacolorado.org.

Consumers United Association (CUA) is a nonprofit consumer advocacy association that serves consumers in Colorado. CUA is an association made up of people and corporations who are dedicated to educating consumers on financial issues, which impact their personal lives. CUA offers services and resources to aid consumers in the resolution of consumer problems and provide a united voice for consumers in the legislative arena. Membership to CUA is open to Colorado residents who are interested in financial education and advocacy and is only $5 annually and $25 for a lifetime.For more information visit: www.cuacolorado.org.