June 30, 2014
/PRNewswire/ -- The Genworth Foundation recently made a
contribution to Habitat for Humanity of
to help make a local family's dream of owning a home a reality.
Genworth Mortgage Insurance (MI), the
-based unit of Genworth Financial, Inc. (NYSE: GNW), also revealed today that the funds from the Genworth Foundation, to commemorate the winding down of June's National Homeownership Month, will benefit the Youkhanna family, which has been working with Habitat for Humanity of
to build a new home in
"We are excited to provide funding from the Foundation that will maximize our business investment in making homeownership a reality for the Youkhanna family," said
, Chair of the Genworth Foundation.
The family came to
the United States
six years ago when
, an interpreter for the United States Army, left
to escape the country's civil conflict and provide a safe environment for his wife, two daughters and special needs son. "I wanted to be able to provide better care for my son and create a good future for my daughters. Getting selected for this house from Habitat was my big dream," said Youkhanna.
Youkhanna said he's looking forward to buying new furniture for the house, as well as planting flowers and perhaps a fruit tree in the back yard. "This is our house. We can do anything to it," added his wife, Samira. When they move into the new home in early July, the Youkhanna family's mortgage payment will be about
a month less than the rent they paid on their previous apartment.
In an innovative partnership with its lender partners, Genworth MI pledged that for each eligible customer-submitted mortgage loan it insures during the campaign, Genworth MI will contribute
to the build. The funds contributed from customer loan submissions will be part of at least
Genworth MI has committed to fund construction of the home in
Maybrook Crossing subdivision.
Genworth MI helped more than 68,000 Americans achieve their dream of homeownership in 2013, including thousands in
. The company has contributed significant funding and volunteer hours to build Habitat homes in the Triangle since 2007. Last year, Genworth MI was the sixth-largest corporate supporter of Habitat Wake, and its employees volunteered at several Habitat builds.
"This year, we wanted to take our sponsorship and volunteer participation with Habitat to the next level," said
, president and CEO of Genworth MI. "For the first time, we invited our business partners across the country to contribute to the building of a Habitat home here in
. We know that Genworth customers share our belief that every family should have a decent, safe and affordable place to live, and they really got behind this opportunity." Lenders from as far away as
submitted loans to Genworth MI to help support construction of the Youkhanna family home.
"We are proud to partner with Genworth Mortgage Insurance," said
, President and CEO of Habitat Wake. "We share a dedication to helping families achieve their goal of homeownership. The Genworth associates and their customers have been faithful volunteers and have enjoyed working side by side with the Youkhanna family."
Genworth Mortgage Insurance operates in all 50 states and the
District of Columbia
. Private mortgage insurance makes it possible for consumers to purchase a home with a smaller down payment, and sooner than they otherwise could. Genworth MI also works with lenders and servicers to help borrowers in financial difficulty remain in their homes. The Genworth Foundation makes direct investments in local communities each year through charitable grants and matching gifts.
Habitat for Humanity builds safe, affordable houses for qualified homebuyers regardless of race, religion, or background. Each Habitat home is built in partnership with homeowner families, sponsors, and volunteers. Habitat houses are sold for no profit to the partner family through an affordable 20-year zero percent interest mortgage. Each homeowner must contribute 250 hours of sweat equity, contributing their time and labor to the construction of their home and the homes of other Habitat families.