Hoping to ease restraints on conventional mortgages for certain borrowers, the $600 million Michigan First Credit Union said this week it is debuting the Turning Point Home Loan Program.

The product is designed to help those who may have run into roadblocks to owning a home but still have the financial capacity to qualify for traditional mortgages, said Chris Maynard, vice president of lending for the CU located in the Detroit suburb of Lathrop Village. Under the program, participants “can make a lower down payment – typically about 10% – than conventional mortgage requirements” with private mortgage insurance “usually waived,” said Maynard.

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