X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.