The 1.8 million-member, $27 billion State Employees' Credit Union now has more than $1 billion infirst-time home buyer loans on its books, the credit union hasannounced.
|This means the Raleigh, N.C., credit union has helped 8,300members into their first homes, most often with 30-year adjustablerate mortgages that required no money down and carried no privatemortgage insurance, SECU said.
|The program is 25 years old this year and, even though itrequires no money down, has still performed extremely well forSECU, posting a default rate of only 0.29% and a 60-day delinquencyrate of just over 2.0%. The average two-month delinquency rate onthe credit union's other housing finance products is above 2.0%,according to SpencerScarboro, SECU's senior vice president of loan origination.
|“We are very pleased the First Time Homebuyer's Mortgage Loanprogram has proven to be of great benefit to our members' mortgagefinancing needs for more than two decades, Scarboro said. “Our goalas a financial cooperative is to offer safe and affordable loanoptions to best serve the overall needs of our membership.”
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