Low and moderate income families still have another resource to tap through Meriwest Credit Union's mortgage subsidiary to buy homes at below the normal market rates.
The $1.2 billion CU in San Jose, Calif. said since 2008, Meriwest Mortgage has funded more than $18 million in first-time homebuyer loans for 75 families. Originated by the Bay Area Homebuyer Agency, the loans allow qualified families with income below the area median to purchase below market rate homes offered by local municipalities.
In addition to the funding, Meriwest Mortgage and BAHBA made it possible for these homebuyers to leverage nearly $5 million in down payment assistance programs. To date, there have been zero defaults or foreclosures on any of the funded properties, according to Meriwest CU.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
