OCTFCU Reports $43M In HLPR
SANTA ANA, Calif. -
The average single-family home price in Southern California is $515,000; the average loan size made through Orange County Teachers FCU's program was $360,000, meaning more than 100 members have qualified for the loans.
The loans are made through OCTFCU Mortgage Co., LLC, a wholly owned subsidiary of OCTFCU.
A HLPR loan is a three-year, adjustable-rate mortgage that is offered to qualified buyers at 1% below the national average for these loans.
After three years, the rate adjusts annually to market rates, with rate adjustments limited to 1% a year and 5% over the life of the loan. There is a zero-down-payment option, with no private mortgage insurance (PMI) required.
The maximum loan amount is $500,000. Members with household incomes at or below the adjusted median in their market are eligible. The HLPR program is being championed by CUNA.