SAN JOSE, Calif. – Meriwest CU said it is partnering with the Housing trust of Santa Clara County to provide a new affordable home mortgage to help moderate-income families buy their first home in high-priced Santa Clara County.
Under the partnership, Meriwest’s wholly owned CUSO, Meriwest Mortgage, will provide a first mortgage and the Housing Trust will add a below-market rate second loan, which will enable the homebuyers to reduce the rate on the credit union loan and prepay the private mortgage insurance. This will allow the purchasers to reduce their monthly mortgage payments.
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