A credit union in Georgia has partnered with a multi-state non-profit organization to help make housing finance loans available to wounded veterans returning home.
The 41,000 member, $247 million Peach State Federal Credit Union and a CUSO, the Credit Union Financial Services Organization, have inked the agreement with the Purple Heart Homes, an organization which takes donated foreclosed properties, renovates them and then provides them at reduced costs to wounded veterans.
Renovations on foreclosed homes cost on average $70,000 for each acquired property by Purple Heart Homes. The veteran pays a mortgage of 50% of the home market value at the time of closing.
Purple Heart Homes obtains foreclosed properties from banks, land banks, cities and other municipalities, the organization said.
Veterans frequently face challenges when returning home, the organization explained, but particularly wounded veterans who face extremely long waiting periods until medical and other Veterans Administration benefits are approved.
These long waiting periods frequently so undermine credit scores that the wounded and disabled veterans find it difficult to obtain mortgages, the organization added.