OCTFCU Reports $43M In HLPR

SANTA ANA, Calif. - Orange County Teachers FCU is reporting it made $43 million in mortgage loans during its first year of participating in the Home Loan Payment Relief (HLPR) program aimed at getting limited-income borrowers into their first homes.

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. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com