Worth Noting

Published August 01, 2008, 12:41 p.m. EDT

Updated August 27, 2020, 1:07 a.m. EDT

2 Min Read

St. Mary’s Lowers Rates For Loan

Processing Content

MANCHESTER, N.H.–Residents and businesses in Rimmon Heights are being given extra incentive to revitalize the west side of the city by the nation’s oldest credit union. St. Mary’s Bank is changing the $12-million loan program it started in 2007 to help reshape the face of the neighborhood by dropping its commercial loan rates to 4.99% and raising the maximum loan amount available at the discounted rate from $100,000 to $250,000. Homeowners are also being offered discounted home equity and home improvement loans at up to 1.25% off stated rates. Of the $12 million, $5.5 million is targeted toward commercial loans, while the other $6.5 million is allocated for home improvement loans and homebuyers.

For more info: www.stmarysbank.com

CU Helps Vets Find New Homes

LEOMINSTER, Mass.–Military members are getting help finding new homes thanks to an initiative started by MassHousing and promoted here by Leominster Credit Union. The 37,000 member strong institution is taking the lead on the “Home for the Brave” initiative, which offers safe and affordable mortgage loans to qualified members of the armed forces living in the state. A “Home for the Brave” mortgage has 100% financing with no down payment required for single-family homes and condominiums, and also offers 97% financing for two, three or four-family properties. All loans have a 10-year minimum, fixed interest rate. FannieMae is getting into the act by handing out $300,000 in grants to help pay closing costs to the first 200 veterans using the service.

For info: www.leominstercu.com.

Iowa CU Foundation Awards Grants

DES MOINES, Iowa–Two credit union employees were awarded $500 grants by the Iowa Credit Union Foundation to help pay for the cost of attending school, getting involved in a community educational project or activity or completing a certification program. Dana Garrett of NW Iowa CU in LeMars and Deborah Whittie of Village CU in Des Moines picked up the awards. Garrett plans to attend the CUNA Financial Management School in Denver this summer while Whittie is going to the 2008 Total Immersion Program of the World Council of Credit Unions.

For info: www.iowacreditunions.com.

NCUA, IRS Produce VITA Video

ALEXANDRIA, Va.–NCUA is partnering with the Internal Revenue Service (IRS) to produce a video on the IRS’ Volunteer Income Tax Assistance (VITA) Program. Entitled “Establishing a VITA Site: How and Why,” the video is aimed at encouraging credit unions to offer VITA tax preparation services and also promoting a new IRS grant initiative.