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CU companies joins Minnesota Housing Approved lender network
NEW BRIGHTON, MN (June 30, 2014) — CU Companies is now approved as a Minnesota Housing lender. This allows CU Companies–on behalf of its partner credit union and community banks–to assist low- and moderate-income Minnesotans with loan programs that deliver affordable financing options.
“There is a great need amongst our partner credit unions and community banks to have the ability to serve first-time homebuyers and homebuyers needing down payment assistance,” said Andrew Panagos, Chief Strategy Officer for CU Companies. “As an approved lender, we can now help those individuals obtain a home they can afford.”
CU Companies is a service organization that provides a mortgage lending platform for credit unions and community banks. By partnering with CU Companies, those financial institutions can serve their marketplace with a thorough mortgage program. Minnesota Housing adds another level to the program by delivering Start Up, which is a first-time homebuyer loan offering fixed interest rates and three down payment and closing cost options to eligible borrowers. It also offers Step Up, which provides purchase and refinance loans for repeat homebuyers.
“This is an excellent way we can serve our community of financial institutions and for those partners to serve their individual communities; it’s a home run for everyone,” said Panagos. ” Home ownership is a dream of many and we don’t want the new regulatory burdens to keep credit unions and community banks from effectively serving their communities. Our internal loan officers and processors have been trained and are considered experts in the Minnesota Housing products, plus we have staff with experience in using the products. All of this adds up to giving our partners and their borrowers the confidence that these products will be delivered safely and efficiently.”
About CU Companies
CU Companies is committed to earning the loyalty of its owner credit unions and financial partners by delivering personalized service and competitive financial products. To take advantage of the Minnesota Housing lender approved status, credit unions and community banks simply offer the Start Up and Step Up programs to their markets. CU Companies manages the program behind the scenes. For more information about CU Companies, go to www.cucompanies.com.
About Minnesota Housing
Minnesota Housing finances affordable housing opportunities for low- and moderate-income Minnesotans while fostering strong communities. Find out more at www.mnhousing.gov and follow them on Twitter @mnhousing and atwww.facebook.com/minnesotahousing.