WASHINGTON – Count Wright-Patt Credit Union, Fairborn, Ohio and Pacific Service Credit Union, Walnut Creek, Calif. among the credit unions taking part in CUNA's national mortgage lending initiative by offering the Home Loan Payment Relief product aimed at helping borrowers with household incomes at or below the media in their market to be able to afford their first home. The HLPR program was launched Oct. 31 as a way to boost low-income home ownership. The HLPR loan is a three-year adjustable-rate mortgage offered to qualifying borrowers at 1% below the national average for these loans. That means, based on current market rates as of Dec. 1, the HLPR mortgage will be offered at approximately 4.75%. The required downpayment for the loan is no more than 3% of the purchase price of the home and can be as little as $500. The loan also requires lower coverage by private mortgage insurance, further reducing the borrower's monthly payment. To date, 83 CUs have committed to the program. PSCU is the first community chartered CU in California to be approved by the state Department of Financial Institutions to offer the product. The credit union made a $5 million annual commitment to HLPR. Wright-Patt CU made a $7.5 million commitment. Both PSCU President/CEO Tom Smigielski and WPCU President/CEO Doug Fecher said the program will make it possible for many of their members of modest means to purchase their first home.