Memphis Area Teachers CU Hits Home Run
MEMPHIS, Tenn. – Memphis Area Teachers’ Credit Union said it is partnering with the local RISE Foundation on the “Home Run” program, which seeks to remove blockades to home ownership to those who are financially stable, but may have flaws such as previous bad credit, lack of down payment, or an inability to secure financing preventing them from owning a home.
According to the $500-million MATCU, in the “Home Run” program, qualifying participants will rent a home owned by MATCU for two years, make regular monthly payments, and attend a financial education course administered by the RISE. After two years of successful payments, MATCU will sell the house to the renters at a cost below tax appraised value and apply those 24 months of rent as a down payment on their mortgage.
The program is currently in the testing stage, with a full rollout scheduled for March 2011.