Pacific Service CU Reports $2.4M In HLPR Mortgages Made During '06

Published February 26, 2007, 1:00 a.m. EST

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Updated August 27, 2020, 2:03 a.m. EDT

1 Min Read

WALNUT CREEK, Calif. - Pacific Service Credit Union's Home Loan Payment Relief program funded $2.4 million in mortgage loans for qualifying first-time homebuyers in 2006.

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"We have made an annual commitment of $5 million to assist these folks in attaining the dream of home ownership," said Tom Smigielski, president of the $1-billion PSCU. "In 2006 we started our Home Loan Payment Relief lending program and we were able to use about half the funds we set aside. It was a good start. In 2007, we look forward to helping more families enjoy home ownership and the many benefits of our HLPR loan."

HLPR loan benefits provide qualifying families with a lower monthly payment due to a rate that is below market for the same type of mortgage loan, low down payment, no closing costs and no PMI if the loan to value is 80% or higher.

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