FGMC to Offer Home Rehab Loans with HAP

""First Guaranty Mortgage Corp."":http://www.fgmc.com/Default.aspx (FGMC) announced Thursday that it is making available 203k home rehabilitation loans as part of the Homeowner's Assurance Program (HAP).

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HAP was created by the National Association of Real Estate Brokers (NAREB) to address the mortgage crisis in urban communities across the United States. In the program, participants can collaborate to acquire, manage, market, and dispose of non-performing loans and REO properties, many of which are in 25 urban metropolitan statistical areas and first ring communities.

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HAP will provide asset oversight, governance, and political and social capital management. FGMC will offer ""common sense"" underwriting support to NAREB members. FGMC was selected for the program because of the company's experience and expertise in the renovation lending field.

""First Guaranty brings a common sense underwriting methodology to the table,"" said James Cromartie, FGMC AVP of national business development. ""The 203k loan, for example, is an excellent product for home buyers seeking to turn a distressed asset into the American Dream. We also use quite a bit of manual underwriting, as we believe there is an incredibly underserved class of consumers who are, in reality, excellent prospects, even though they might not qualify under some desktop underwriting models.""

FGMC is a McLean, Virginia-based full service wholesale and retail national lender that offers mortgage solutions to clients of varying income and credit types.