The Massachusetts Credit Union League has launched a $100-million commitment to a national program that aims to provide below-rate mortgage loans to lower-income and first-time homebuyers. The league is participating in the Home Loan Payment Relief (HLPR, pronounced Helper) program being championed by CUNA that offers a three-year adjustable rate mortgage at one percentage point lower than the national average for such loans to qualifying borrowers.
After three years, it will adjust annually to market rates, with rate adjustments capped at 1% per year, and 5% over the life of the loan. Among those on hand for the announcement were NCUA Vice Chairman Rodney Hood and state Commissioner of Banks Steven Antonakes.
