St. Mary's Bank, a credit union based in Manchester, N.H., has pledged to make $2.5 million in new funds available for low-income Home Loan Payment Relief mortgages, a subprime mortgage program that was developed by the Credit Union National Association.
The HLPR program features a choice of adjustable rate mortgages with below-market interest rates.
Borrowers making 100% or less of a particular market's median income may be eligible for the program. Qualified properties include single-family, owner-occupied residential homes. There is a homebuyer education requirement.
The below-market loans were developed by the CUNA and were popularized in 2008, but many credit unions have stopped making them.
For a limited time, qualified members of America's oldest credit union may also be eligible for a grant of up to $10,000 through the Federal Home Loan Bank's Equity Builder Program. The grants may be used for down payment assistance, customary closing costs and eligible prepaid items, and homebuyer counseling costs not covered by another funding source.
