Home Loan Plan For Employees
Midwest Financial Credit Union and UMHS Financial (a second CU brand for its University of Michigan Health System SEG) has added a home loan program to its employee benefits package. The new Employer-Assisted Housing Program introduced last spring provides financial assistance to eligible employees for down payment, closing costs or prepaid escrow expenses.
"We do so much for our members, we want to do the same for our employees," said Lora J. Bingham, Marketing-Communications Director.
For loans financed through the CU, $5,000 is forgivable over a five-year period.
"We forgive 20% of the loan on the anniversary, so the employee has to stay with us for five years to have the amount totally forgiven," she said.
She said the loan is a one-time benefit and can be used for a primary residence only.
The SEG-based CU with $177 million in assets and about 15,000 members employs 65 people, many of whom are in the market for their first homes or will be soon.
Larry Knoll, Midwest Financial's CEO, called the program an "investment" in the CU's employees.
"We want our employees to be able to realize their own financial dreams while helping our members achieve theirs," he said.