Massachusetts CUs Offer Low-Cost MortgageProgram

BOSTON - (03/07/06) -- Bay State credit union leaders tookto the State House Monday to announce a new initiative under whichMassachusetts credit unions will provide as much as $100 million insubsidized mortgages to low- and middle-income members under CUNA'sHome Loan Relief Payment, or HLPR, program. Under the localprogram, organized by the Massachusetts CU League, participants inthe CU Community Hope Initiative will offer qualifying buyers athree-year ARM at 100 basis points (1%) below market rates.Required down payments will be no more than 3% and gifts and grantswill be acceptable. CUNA said about 75 credit unions around thecountry have pledged more than $1 billion in the special subsidizedloans, so far.