MEMPHIS, Tenn. – Orion FCU, formerly Memphis Area Teachers CU, named the first winner of its “Home Run House,” which will be sold at a discount to the recipient after a two-year trial.
As a Home Run candidate, Blondell Phillips will rent the credit union-owned home for two years, make regular monthly payments and attend a financial education course administered by the credit union. After two years of successful payments, Orion will sell the house to Phillips at a cost below the tax appraisal and apply her 24 months of rent as a mortgage down payment.
“The goal of this program is to match good people, who for one reason or another have had trouble qualifying for a traditional mortgage, with a nice, affordable home that might otherwise have gone vacant for months in the current housing market,” said Daniel Weickenand, president of the $500 million credit union.
