SANTA ANA, Calif. — If the housing prices are dipping significantly someone forgot to notify Southern California.
With the average price of a single-family home in Southern California exceeding $500,000, Orange County Teachers Federal Credit Union recognized that many residents were finding it difficult to make the jump from renter to homeowner. So, in December of 2005, it rolled out the Home Loan Payment Relief program, created by CUNA, and designed to provide members with modest incomes the opportunity to qualify for lower cost home loans. Orange County Teachers was one of the very first CUs to participate in the HLPR program.
The HLPR loan is a three-year, adjustable-rate mortgage that is offered to qualified buyers at 1% below the national average for these loans. After three years, the rate adjusts annually to market rates, with rate adjustments limited to 1% per year and 5% over the life of the loan. There is a zero-down payment option, with no private mortgage insurance required. The maximum loan amount is $500,000.
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