RALEIGH, N.C. State Employees CU’s First Time Homebuyer’s Mortgage Loan program has surpassed the $1-billion mark in loan balances.
The credit union said the program has now helped more than 8,300 credit union members achieve homeownership. The program enables qualified members to borrow up to 100% of the purchase price for a primary residence. The average loan amount is about $180,000, SECU said.
The credit union said it offers two-year and five-year ARM products for a term of up to 30 years, featuring competitive interest rates, low settlement costs and no origination or credit report fees and no private mortgage insurance requirement. In the program’s 24-year history, SECU said losses have been minimal, with net charge-offs over the past 12 months averaging just .29% and 60-day delinquency below 2%.
