DURHAM, N.C. – The $24 million Latino Community Credit Union is pressing forward with its mortgage program for lower income members, announcing that it is making the loans available to members served by its Raleigh branch. “The mortgages were developed to meet members’ needs,” said John Herrera, LCCU’s chairman. “Our members generally hold lower-paying jobs that don’t allow them much extra money to save for a down payment,” he said. “These mortgages help low-income families in North Carolina who certainly are capable of repaying a mortgage, but don’t have savings for a down payment, to buy a home. Homeownership is still an elusive goal for many low-income families, but it is the best way to build family wealth.” Borrowers generally must show evidence of steady employment and credit history, a history of paying rent, and copies of previous tax returns. LCCU does not require private mortgage insurance, and provides 90%, 95%, and 100% financing. Through the Federal Home Loan Bank of Atlanta, LCCU provides members with the opportunity to get aid for down payment, giving them the opportunity of getting a mortgage loan with a better interest rate.

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