The 79,000-member St. Mary's Bank in Manchester, N.H., will fund its Home Loan Payment Relief program by $2.5 million.

The HLPR (pronounced helper) program offers lower interest rate loans for first-time home buyers.

The HLPR program features a choice of adjustable rate mortgages with below-market interest rates, including a 3/1 ARM priced at one percentage point below the national average rate for the initial period and 5/1 and 7/1 ARMS priced one half of one percentage point below St. Mary’s Bank’s published standard rates for the initial term,” the $712 million credit union said.

Rate caps of 1 percentage point per year and 5 percentage points for the life of loan help keep the monthly mortgage payments low, St. Mary's added.

The loans also offer low down payments of 3%, credits of $1,000 toward closing costs and no private mortgage insurance.

“Our goal is to find the right financial solutions for our members and the HLPR Program is a significant asset in achieving our goals for homeownership,” said Karen Mayrand, St. Mary’s Bank director of residential lending.

“What you see is what you get with this program – no gimmicks, no hidden fees. We just want to help more people get into homes and enjoy all the benefits that come with owning a home,” Mayrand said.

The credit union said it launched HLPR in 2008 in response to high property prices in the areas it serves.