CDC FCU, FHLB Boost Grant To $1 Million

ATLANTA - In partnership with the Federal Home Loan Bank (FHLB), CDC Federal Credit Union (CDC FCU) announced that up to $1 million has been allocated for the CDC FCU Homebuyer Grant Program. The first-time homebuyer program is intended to help consumers who cannot pay all costs associated with closing on mortgages.

Available for Georgia citizens who do not exceed 80% of the Housing and Urban Development (HUD) Median Income, the program is designed to assist low- to-moderate-income borrowers.

Through the CU's wholly-owned subsidiary, Briarwood Financial Services LLC., up to $10,000 in awards per household is being extended to anyone in Georgia meeting certain qualifications. Some eligibility requirements include completing a homeownership education program, contributing at least $500 towards the down payment, and occupying the home as a primary residence for five years. If the buyer retains the home as a primary residence for five years, the grant is cleared in its entirety. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com