$1B, Low-Cost Mortgage Plan Unveiled
CUNA and several credit union leaders will introduce a plan this week that will call for providing as much as $1 billion in low-cost mortgages for low- and moderate-income homebuyers.
Under the Home Loan Payment Relief (HLPR and pronounced "helper") program, credit unions will provide low-interest adjustable-rate mortgages with low closing fees to eligible homeowners. As many as 50 credit unions have volunteered to participate in the program, sources told The Credit Union Journal.
The plan will allow certain low- and moderate-income families borrowers to qualify for mortgages they would not otherwise be eligible for, the sources said. The program was to be unveiled Monday by CUNA President Dan Mica, Orange County Teachers FCU President Rudy Hanley, and Municipal Employees (Baltimore) CU President Bert Hash, all of whom helped develop the project.