Lower income members of the 221,000-member State Employees Credit Union of Maryland will now have access to programs which can help them buy their first homes.
The $2.4 billion credit union has announced it is participating in two programs offered the Federal Home Loan Bank of Atlanta which offer low- and moderate-income home buyers up to $7,500 in matching funds they can use toward down payment and closing costs.
“The First-Time Homebuyer program is available to any SECU member in Maryland, D.C. or Virginia with a maximum income of less than 80% of the HUD Median Income, adjusted for family size,” Michael Gordy, SECU’s senior vice president of lending.
SECU has also partnered with the FHLB's Community Stability Program, which provides up to $7,500 in matching funds for the same SECU members to purchase and/or rehabilitate an existing home. “The difference here is that the member does not have to be a first-time home buyer and the home must be located in a ZIP code that has been targeted for stabilization funds by the state or local government,” notes Gordy.
Gordy emphasizes that SECU members do not have to repay funds provided through either the First-Time Homebuyer Program or the Community Stability Program so long as they stay in the homes for at least five years.
“These programs offer just one more example why SECU offers a different direction and a better way for people to manage their finances,” according to Gordy.
SECU recently processed its first mortgage for a member who will also receive an FHLB grant to assist with the down payment and closing costs.