CU Members Mortgage partners with FHLB to offer HELP program to eligible first-time homebuyers
DALLAS, TX (March 18, 2020) — CU Members Mortgage, a division of Colonial Savings, F.A., is excited to partner with the Federal Home Loan Bank (FHLB) of Dallas to offer their Homebuyer Equity Leverage Partnership (HELP) program. Through member institutions such as CU Members Mortgage, this program assists low-income-qualified, first-time homebuyers with down payment assistance and closing costs. Program specifics include:
– Up to $10,000 in down payment/closing cost assistance for eligible first-time homebuyers.
– Primary residence purchase only; no rentals or investment properties. No refinances.
– Combined household income 80% or less of the Area Median Income.
– Residency of 5 years required without recapture of the grant.
– Homebuyer education is required.
The FHLB has allotted a designated amount of funds for this program and we have already started to provide assistance through this program. Funds are limited and available on a first-come, first-served basis, one homebuyer at a time.
“Our focus continues to be on ways we can provide affordable housing solutions for credit union members. Programs like HELP really make a great impact and we’re proud to be partnering with FHLB Dallas to offer it,” said Steve Hewins, Senior Vice President of CU Members Mortgage. “Providing the HELP program to our credit union partners and their members is just one way that CU Members leverages our long standing relationships within the lending industry, giving us many opportunities to offer special programs others may not have access to.”
Steve Hewins, Senior Vice President of CU Members Mortgage
About CU Members Mortgage
Established in 1982 as a division of Colonial Savings, a federally chartered thrift, Dallas-based CU Members Mortgage provides comprehensive mortgage services to credit unions and CUSOs. CU Members Mortgage originates FHA, VA, Investment Property and conventional loans nationwide. With a portfolio of $24 billion, Colonial is one of the largest servicers of mortgage loans in the United States. The company is privately held and has offices located nationwide. For more information, visit www.cumembers.com.