ALEXANDRIA, Va. -
With approximately $1.2 million in assets and an all-volunteer leadership team, Shiloh of Alexandria FCU is trying to bring the American Dream of home ownership to its members, many of whom are low-income and underserved. As such, Shiloh's members frequently need more than just a mortgage-they need help preparing both financially and emotionally for the entire process of buying and financing a home.
Led by the CU's founder, John DuPree Sr., the credit union volunteers try to guide the member in many aspects-from repairing their credit to applying for grants/down payment assistance, and finding the right home to buy.
The members of Shiloh of Alexandria FCU are typically not affluent, nor are they given the lowest financing rates available. Many of its 830 members are single parents with limited income. But over the course of a little more than a year, Shiloh has provided mortgages to its members in an amount roughly equivalent to its asset size. These loans, the credit union said, were largely complicated deals, involving Fannie Mae's most flexible products, silent second liens, grant money and in some cases, Section 8 Housing income.
A typical loan at Shiloh of Alexandria FCU starts with a heartfelt conversation between the member and Credit Union President John DuPree Jr., at which time they discuss the member's current financial situation, their dreams for the future, and what steps need to be taken to get there. The credit union will work with the member through financial counseling, budgeting and perhaps some loans to repair credit, save money and get into a position to be able to support a mortgage. Once the member is deemed ready to buy, the credit union helps to get them approved for a mortgage. An appropriate property is located and the financing needs are assessed. DuPree Jr., will then work with local and federal agencies to acquire down-payment assistance for the member, as well as pledge funds that the credit union itself has reserved to help its members with closing costs. When the deal finally settles, the credit union will keep up with the member and help them to get their home in shape with donated items and even some hands on home repairs.
This whole process could take a couple of years, but the credit union sees the time as an investment in the life of a member, in their community and in their mutual future.
FOR MORE INFORMATION
www.shilohfcu.com
www.fanniemae.com
