Korean Couple Purchases One Of 50 Million Homes Freddie Mac Has Made Possible

Sung Woo Rhee and Myung Suk Jin recently purchased one of the 50 million homes Freddie Mac has made possible. Clockwise from top left are Walen Ngo and Ed Khashadourian (United Way of Greater Los Angeles), Vicente Orduno (Countrywide Home Loan), Sean Paik (New Star Realty), Hyepin Im (KCCD President & CEO), Sung Woo Rhee and Myung Suk Jin, Jin Kim (KCCD Executive Director)

Every day across America, Freddie Mac helps make home possible. In the last 37 years, we've financed more than 50 million homes. That's a lot of homes and a lot of families. For new Los Angeles homeowners, Sung Woo Rhee and Myung Suk Jin, it's been a dream come true.

Thanks to a collaborative effort of several public and private organizations Sung Woo Rhee and Myung Suk Jin are proud to live in the first home they own. With the help of a Freddie Mac-funded Homeownership Program offered through Korean Churches for Community Development (KCCD), the couple received more than $174,000 in down payment assistance through various government programs and United Way's IDA savings matching program.

Myung Suk Jin said, "There are many immigrants here in LA, and most of them make rent payments for more than 10 years, and end up saving little money. I hope other people can purchase a house like we have."

The new homeowners purchased a $399,000 condominium with a total down payment of $8,400 of their own funds. Their mortgage payment will be $1,414 per month.

Sung Woo Rhee added, "We've received so much help from KCCD employees and other agencies. With all the help, we were able to purchase our first house."

KCCD's Homeownership Program supporters include Freddie Mac, the Asian Real Estate Association of America (AREAA), Countrywide Home Loan, United Way of Greater Los Angeles, LA Housing Department, and the LA County Community Development Commission.

KCCD Executive Director Jin Kim, director of the Homeownership Program, said, "There are so many individuals in our community who are eager to realize their dream of homeownership. We're pleased that with our partners, KCCD is able to provide these services to the community."