Allegacy Federal Credit Union has entered into a partnership with this state's Housing Finance Agency to promote home ownership among consumers who otherwise would not qualify for a home loan.
The Mortgage Revenue Bond (MRB) program seeks to offer affordable housing with below-market interest rates for first-time homebuyers. In addition, the program offers 100% financing.
Although Private Mortgage Insurance is required, the premiums are reduced and compare favorably to other standard 100% financing mortgage loan programs, the credit union said.
In addition, Allegacy's MRB program also offers a Home Protection Plan, which helps borrowers avoid foreclosure on their homes if they have lost their jobs because of plant closings or due to other economic conditions that may come up.
Down payment assistance also is available for buyers who qualify and who may need extra help. To qualify, the borrower must be a first-time homebuyer or must not have owned a home within the last three years, must be a reasonable credit risk, and must buy a home in North Carolina.
