DALLAS -- CU Members Mortgage has announced a new financing product available for purchase-money loans on single-family residences.
The Flex-Plus 103% LTV product for qualifying credit unions and their members is offered through the Fannie Mae/Prime Alliance preferred lender network. Borrowers can benefit from the no-money down loan by financing closing costs and prepaids into the loan amount, up to 103% loan-to-value.
"We're very excited to be selected as part of the preferred lender network to promote and offer this product to our 700-plus credit unions and their members," said Linda Clampitt, senior vice president of CU Members Mortgage. "We pride ourselves on offering a wide range of products to members in various financial scenarios, and this is a great asset to our portfolio of products."
CU Members Mortgage provides mortgage services to credit unions, CUSOs and leagues nationwide. The company originates more than $3 billion in FHA, VA, conventional and unique single close construction loans annually.