Home ownership, or remodeling your current home might be the last thing on your mind, but Eric Stewart, former CEO of E Mortgage Solutions and current owner of E Media, is out to change all that. Ever industrious, Stewart is spearheading two new mortgage initiatives through Residential Home Funding Corporation (RHFC), designed to reach a segment of the population that some larger banks are increasingly shutting out – the average consumer.
RHFC is a direct lender, with branches in states all over the country. On October 4, he opened his own RHFC branch in Randallstown, MD at 9633 Liberty Rd. “Baltimore home owners and new home buyers have been hit hard by our struggling economy. These programs will assist not only in jump starting new home purchases, but will also cure the issues of declining values, and the local and state government revenue losses due to the lack of property taxes being paid,” Stewart says.
Although each program has different focuses, the main goal is to make home ownership, once the cornerstone of the American dream, attainable again. The Mortgage for Champions program is targeted towards individuals who serve their communities such as educators, law enforcement, medical professionals, active military and veterans, emergency medical services federal, state and municipal employees, and those working for the Fire Departments. Common fees associated with applying for a mortgage such as application, processing and more are waived.
Rebuild America, aims to curb urban blight in Baltimore city by providing loans to current home owners for the revitalization of their properties, while simultaneously restoring property values and neighborhoods. RHFC is partnering with Loews to help move the initiative forward.
Stewart, an anomaly in this economic climate, views promises where others find obstacles. According to NPR’s Tell Me More and statistics from RealtyTrac, “home ownership is at its lowest rate since the Great Depression, and the gap in home ownership between blacks and whites is at its highest since the 1960s.” Yet, not surprisingly, he remains undaunted.
Not one to shy away from challenges, Stewart, former champion high school wrestler, began college at the age of sixteen, and started his professional career in sports promotions before entering and excelling within the mortgage industry. Three years ago, E Mortgage Solutions received the Torch Award, and Stewart was also acknowledged as one of the “Top One Hundred Minority and Women Entrepreneurs” in Maryland, Washington D.C. and Virginia.
He also founded the Women of Power organization, through E Media, which recognizes women who are both deeply accomplished and those on their way. If anyone can convince Marylanders that a new start is possible, he can.