Low Down Payment Plan Is Added
The local branch here of Latino Community Credit Union (LCCU) has added a first mortgage program it says will make it easier for low-income borrowers to buy a home. "Our members generally hold lower-paying jobs that don't allow them much extra money to save for a down payment," said LCCU Chairman John Herrera. "These mortgages help low-income families in North Carolina who certainly are capable of repaying a mortgage, but don't have savings for a down payment, to buy a home." Borrowers generally must show evidence of steady employment and credit history, a history of paying rent, and copies of previous tax returns. LCCU does not require private mortgage insurance, and provides 90%, 95%, and 100% financing. The program is being offered in conjunction with the FHLB of Atlanta.