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Kinecta FCU Offers HomePath Loans

MANHATTAN BEACH, Calif.-Kinecta Federal Credit Union said it is one of the first credit unions to offer a low down payment mortgage that will help borrowers buy one of the more than 1 million homes now owned by Fannie Mae through foreclosure.

The HomePath Mortgage offers very low down payment options and no appraisal or mortgage insurance requirements.

Only a few lenders in the U.S. are approved by Fannie Mae to provide these loans, including Lake Michigan Credit Union, Grand Rapids, Mich., and UCF Federal Credit Union in Orlando, Fla. Kinecta is the only approved credit union in California.

"Kinecta is constantly looking for ways to offer more affordable financing options to potential homeowners," said Brian Robinett, senior vice president and chief credit officer at the $3.5 billion credit union. "With the HomePath Mortgage, borrowers receive special financing terms on single-family homes, condominiums and town houses in a variety of neighborhoods. It is a great option for virtually anyone looking for a home, from first-time homebuyers to experienced investors."

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