The current economy has encouraged entrepreneur Jack Loop from New Canaan, Connecticut, to re-introduce his innovative "HomeCard" idea.

The card was introduced in 1995 without much success, and he has made several attempts since then. Unfortunately, each has been unsuccessful. Loop is hoping that the result will be different this time.

The idea is for the debit or credit HomeCard (either a Visa or MasterCard branded card) to be used by prospective home buyers. Consumers would receive up to 25% cash back on purchases that can be deposited into an interest-bearing savings account and used toward expenses related to a home purchase.

But Loop is having a hard time finding a bank to work with him on this concept. He stated, "Consumers need more help than ever getting on the path toward buying a home. The key for us is finding the right bank to partner with us to bring this to market."

It's an interesting concept and we'll keep you informed if Mr. Loop has success with finding a bank partner. And, of course, whenever you're ready to make a new home purchase, Grandview Lending will be here to help you with your mortgage needs.