SSFCU Commits $10M To Housing Program
Security Service FCU said it is committing $10 million to a program to help families of modest means purchase homes.
The credit union has entered into a partnership with Neighborhood Housing Services (NHS) to help those families qualify for the mortgages. The program, a first for NHS, will enable it to offer a portfolio first mortgage loan product tailored to San Antonio borrowers, providing them with a local lender relationship for the life of the loan. SSFCU said it was inspired to participate by NCUA's Access Across America program.
In addition to the $10-million commitment to the program, SSFCU has made a $10,000 cash donation to help fund homeowner education and operations.
"Home ownership can provide stability. That's a major contributor to the success of children in school, the continuity of families and the revitalization of communities. Our goal is to provide the benefits of homeownership to families that might not otherwise qualify for traditional loans," said Keith Sultemeier, chief financial officer with SSFCU.
NHS targets individuals who earn less than 60% of the area median family income.
"When we're up to speed, we expect the program to help at least 20 to 30 additional families each year, quite possibly more," said Ron Jodon, executive director for NHS. "We see this partnership as an efficient and effective way to help more people get into homes."