In less than six months, CAP COM Federal Credit Union in Albany, N.Y., has already funded dozens of loans through a mortgage program for military members and other do-gooders.
Back in July, the $1.7 billion-asset institution launched the Community Heroes Mortgage Program. It was designed for those who work for the well-being of others in the community, such as police officers, teachers, firefighters, veterans and active duty service members.
Those who get a mortgage through the program receive a special benefit or discount, including a $500 cash deposit after closing, complimentary personal real estate attorney representation or a discounted home inspector’s fee, the credit union said in a release.
So far, the program has resulted in 40 loans totaling $9 million. CAP COM has paid out incentives valued at more than $20,000 to the home buyers with many picking discounted home inspections and the complimentary real estate attorney as incentives, said Chris McKenna, CAP COM’s chief lending officer
An additional 68 mortgages are currently in the works, McKenna said. The credit union expects to pay out $34,000 in incentives to members for these additional loans.
McKenna told Credit Union Journal that CAP COM has been marketing the program on its website, quarterly newsletter, social media, direct mail to members, and news releases to local media outlets and chambers of commerce in the greater Albany area.
McKenna told Credit Union Journal that as awareness continues to grow around the program, executives “expect to aid a larger percentage of borrowers employed in one of these fields” obtain a mortgage.
“Word tends to spread very quickly among professionals who work in these employment fields and we expect to continue with our outreach to educate and thank these potential homeowners,” he added.
The credit union had 11,793 mortgages on its books as of Sept. 30, according to call report data. That totaled about $1.1 billion, up about 9 percent from a year earlier.
