PINE BROOK, N.J. — CU National Mortgage launched its new Flex-Plus 103 Loan this week from Fannie Mae.
The program provides borrowers up to 103% financing of their homes to roll in closing costs and other pre-paid charges that can intimidate first time buyers. The product in only offered as a Fannie Mae pilot program solely for Prime Alliance clients.
Energy Federal Credit Union in Rockville, Md. is rolling out the loans as well as Jersey Trades FCU, LOMTO FCU, Miami Firefighters FCU, Penn East FCU, Rutgers FCU, Sperry Associates FCU, Suffolk FCU, and Delta Community CU.
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"We are pleased to offer this package to our clients, as it will help their members achieve the dream of owning a home. As a result, this process will greatly foster the value of credit unions toward those members, achieving the goal of being their primary financial institution," CU National Mortgage President Michael McGrath said.
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