The $1.2 billion UW Credit Union has announced that it will add a Fannie Mae sponsored mortgage product to its list of loans available to members.
The credit union is offering the product in conjunction with the Wisconsin Home and Economic Development Authority, a state authorized housing authority that underwrites and funds mortgages with money it generates from the sale of bonds. The new WHEDA Fannie Mae Advantage Mortgage offers up to 100% financing on 30-year fixed rate loan for first-time home buyers.
The borrowers will not be required to purchase private mortgage insurance and the loans carry eligibility guidelines that vary from county to county, according to the credit union.
"This is an accessible, affordable program for first-time homebuyers," said Paul Kundert,
President/CEO of UW Credit Union. "We are proud to partner with WHEDA to offer
it. It demonstrates our continued commitment to providing affordable credit to first-time homebuyers and people at all income levels."
UW has had a relationship with WHEDA for more than a dozen years, according to credit union executives.