WALNUT CREEK, Calif. — Low and middle income families interested in mortgage loans in 2006 were helped to the tune of $2.4 million by Pacific Service Credit Union.
“Families in California earning low to middle incomes have a rough time obtaining financing for a home. We have made an annual commitment of $5 million to assist these folks in attaining the dream of home ownership,” said Tom Smigielski, president of Pacific Service CU. “In 2006 we started our Home Loan Payment Relief lending program and we were able to use about half the funds we set aside. It was a good start. In 2007, we look forward to helping more families enjoy home ownership and the many benefits of our HLPR loan.”
HLPR loans provide qualifying families with a lower monthly payment due to a rate that is below market for the same type of mortgage loan, low down payment, no closing costs and no private mortgage insurance (PMI) if the loan to value is 80% or higher.
The $1 billion Pacific Service CU serves 70,000 members.
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