MADISON, Wis. – Six months after it was first announced by CUNA as an initiative to help lower-income homebuyers afford their first home, the Home Loan Payment Relief program continues to attract credit union support. As of March 24, 107 credit unions had committed $978,842,000 in mortgages to the HLPR program. The initiative makes below-market-rate mortgage loans available to borrowers with household incomes at or below the median in their market. The HLPR loan is a three-year adjustable-rate mortgage offered to qualified borrowers at 1% below the national average for those loans. The required down payment is no more than 3%, and gifts or grants are permitted. After three years, the rate adjusts annually to market rates, with rate adjustments capped at 1% a year and 5% over the life of the loan.

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