CUNA Mutual Mortgage gets USDA nod on rural lending

MADISON, Wis. -CUNA Mutual Mortgage Corporation hopes to make home ownership a reality for more credit union members living in rural areas. The company has been approved by the USDA as a guaranteed rural housing lender. CUNA Mutual Mortgage Corporation can now work with credit unions to assist low- to moderate- income homebuyers in obtaining 30-year fixed-rate mortgages without the typical down payment required by conventional mortgage providers. Under the program, mortgages can be made for up to 100% of a dwelling's appraised value and in some cases may include closing costs and repairs. Approximately $3.2 billion in GRHloan funds are available this fiscal year to assist U.S. homebuyers. "Many small credit unions in rural areas do not have access to mortgage programs that fit the needs of borrowers in rural areas," said Stephen P. Renock IV, President and CEO of CUNA Mutual Mortgage. According to Renock, many national mortgage corporations do not offer this service to their credit union members because of the additional resources required to offer this product. "It is our goal to help make it possible for more credit union members to achieve the American dream of home ownership," said Renock. Eligible areas include rural areas and communities under 10,000 population, which are not parts of a larger urban area. CUNA Mutual Mortgage will roll out the GRH Program in the next 30 days.