In an ongoing effort to support and improve local communities, the Union Home Mortgage Foundation is giving back by donating $8,500 to the Falls Church, Virginia-based nonprofit Homestretch Inc.
Falls Church, VA – In an ongoing effort to support and improve local communities, the Union Home Mortgage Foundation is giving back by donating $8,500 to the Falls Church, Virginia-based nonprofit Homestretch Inc.
Homestretch provides struggling families in the community with debt reduction strategies to help overcome financial burdens and promote economic wellness. Program-appointed credit counselors help each family place 10% of their gross income into a designated savings account and then use these funds to reduce debts and restore good credit. The remaining funds are saved until the family completes the program. Upon completion, the average family sees an increase in their credit score of over 100 points, and 85% of families leave with savings. The support and knowledge the families receive helps them form positive financial behaviors, become more self-sufficient, and learn essential life skills to unlock their potential.
“Funding from the Union Home Mortgage Foundation will allow Homestretch to offer financial education support to single mothers in need,” said Nan Monday, Grants and Communications Manager at Homestretch. “Through the program, participants will learn key information about budgeting, banking, credit and debt, and saving and investing. More importantly, they will gain insight into their own financial behaviors and learn how to make better financial choices to put them on a pathway to self-sufficiency and permanent housing.”
“Financial literacy provides a strong foundation for success in the workplace, but just as critical, it can remove many stressors and barriers to success in our personal lives as well,” said Bill Cosgrove, President and CEO of Union Home Mortgage. “The work Homestretch is doing in this space is fundamental to the health of our communities, and we are proud to support their important work.”
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About the Union Home Mortgage Foundation
The Union Home Mortgage Foundation was established in 2015 as the charitable arm of independent mortgage banking company Union Home Mortgage Corp. (UHM). The Foundation’s mission is to equip individuals and families with the tools and resources to achieve economic self-sufficiency, specifically through education, career readiness, financial literacy and housing. The Foundation has awarded over $1 million since its inception towards these programs to help guide families on a pathway towards responsible homeownership. Union Home Mortgage Corp. is a high-growth, full-service retail, wholesale and consumer direct lender with over 150 branches across the U.S. and over $13 billion in responsible lending per year. To learn more about Union Home Mortgage and its efforts in the community, please visit https://www.uhm.com/.