SECU Participating In FHLB's First-Time Buyer Plan
State Employees' Credit Union (SECU) is participating in the Federal Home Loan Bank's (FHLB) First-Time Homebuyer Program.
Low to moderate-income members who are purchasing their first home and financing with SECU may now be eligible for grants of up to $5,000 to assist with down payment and/or closing costs. In addition, no repayment of these funds will be required if the member remains in the home for at least five years.
Separately, SECU announced that it has made an initial investment of $l million with MEMBERS Trust Company, the national trust cooperative owned by credit unions and their affiliates. SECU plans to implement trust services to meet the trust and investment needs of family households across the income spectrum.