St. Mary's Commits $2.5M To Mortgage Program
MANCHESTER, N.H.-St. Mary's Bank, the nation's first credit union, said it is making $2.5 million in new funding available to first-time home buyers through its HLPR (pronounced "Helper") program. "Our goal is to find the right financial solutions for our members and the HLPR Program is a significant asset in achieving our goals for homeownership," said Karen Mayrand, St. Mary's Bank Director of Residential Lending. "HLPR minimizes the down payment, eliminates the private mortgage insurance payment putting homeownership within reach for many families, plus keeps monthly payments manageable for the long term."
The HLPR program features a choice of adjustable rate mortgages (ARMs) with below-market interest rates, including a 3/1 ARM priced at one-percentage point below the national average rate for the initial period and 5/1 and 7/1 ARMS priced 50 basis points below St. Mary's Bank's published standard rates for the initial term. The loan has a rate cap of one percentage point per year and five percentage points for the life of the loan. There is also a low down payment of 3% and no PMI requirement.
Borrowers making 100% or less of the area's median income may be eligible for the HLPR program, and there is a home buyer education requirement.