Korean Churches for Community development

KCCD helps consumers and potential homebuyers with Freddie Mac CreditSmart® Asian Guidebooks

CreditSmart Asian is a multilingual series designed to provide valuable information to consumers about building and maintaining good credit, understanding steps to buying a home and protecting their investment.

The guidebooks address common barriers to homeownership among Asian Americans including language, lack of knowledge of the home buying process, unverifiable income and lack of credit. Korean Churches for Community Development (KCCD) and National Korean American Service & Education Consortium (NAKASEC) are helping local individuals learn about homeownership by utilizing Freddie Mac's CreditSmart Asian guidebooks. The new guidebooks feature information on credit and homeownership, and are designed specifically for the Asian American community.

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CreditSmart Asian features three modules:

The Importance of Good Credit-With this first guidebook, consumers learn the significance of establishing and maintaining a good credit history. Because many Asian Americans avoid debt by paying cash for all purchases, they think that no credit is good credit. This book underscores the importance of establishing a positive credit history to obtain better interest rates and loan options.
Steps to Homeownership-The second book in the series guides the consumer through the steps involved in the homebuying process. Topics include how to select a real estate professional, seeking out a lender, how to determine a budget, finding the best type of mortgage loan, how to make an offer, and what to expect at settlement. If the consumer is already credit savvy, he or she may opt to start with this book
Homeowner Benefits and Responsibilities-The final book provides tips on how to maintain and protect the home once homeownership is achieved, stressing the importance of this large financial investment. The guidebook provides invaluable tips on responsibilities of being a homeowner, such as property maintenance and repair, taxes and insurance needs, managing money as a homeowner and avoiding foreclosure.

From Left: Hyepin Im, KCCD President and CEO; Julie Sun, Freddie Mac; Jeong Yeon Hong, NAKASEC; Jin Kim, KCCD Executive Director; Jun-Ho Hwang, Successful Homebuyer

Hyepin Im, KCCD President & CEO said, ""KCCD is proud to partner with Freddie Mac in the release of Credit Smart Asian in the Korean community. KCCD has educated over 3,500 individuals to take their first step in achieving the American Dream. The State of the County Report by United Way of Greater Los Angeles reports that only 37.3 percent of the Korean population owns a home, more than 10 percent below the 48.2 percent overall home ownership rate in Los Angeles County. KCCD is committed to making an impact in increasing the homeownership rate for all communities."

"Freddie Mac believes that the most effective way to prepare for homeownership is to become informed, empowered and educated about the importance of using credit wisely," said Christina Diaz-Malone, director of Freddie Mac. "By working with KCCD and NAKASEC, we are providing consumers with quality information about credit, the steps to buying a home, and the responsibilities and benefits of homeownership. We are proud to be working with both of these organizations to bring CreditSmart Asian to Los Angeles."

Press Release [PDF] (한국어)