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Summit Credit Union provides $700,000 in 2023 Federal Home Loan Bank grants to eligible homebuyers 

Qualified homebuyers received up to $10,000 in FHLB (Chicago) grants through Summit toward their down payment, closing costs, or pre-paid expenses. 

MADISON, WI (August 24, 2023) — Summit Credit Union has provided its full 2023 allotment of $700,000 in grants from the Federal Home Loan Bank of Chicago to eligible homebuyers, supporting their down payments, closing costs, or pre-paid expenses.

Each year the Federal Home Loan Bank of Chicago, a cooperative institution, provides Summit Credit Union, and other participating financials, grant money to qualifying homebuyers. When purchasing a property, consumers qualify if their annual income is less than or equal to 80 percent of the Housing and Urban Development (HUD) area’s median income. This varies across the state.

“We love to help people find a way to buy their own home, so we’re excited to have provided all the grant money allotted to us,” said Kristin Nesbitt, Summit Credit Union’s Vice President of Mortgage Lending. “Our Mortgage Loan Officers, Processors and Underwriters are all focused on identifying opportunities like this for our members.”

“We prioritize distributing these funds to help more people on their path to homeownership,” said Summit Credit Union CEO and President, Kim Sponem.  “This is the power of cooperatives working together for our members and it’s just one of many lending tools we use to help members achieve their financial goals.”

About Summit Credit Union (WI)

Established in 1935, Summit Credit Union is a member-owned financial cooperative. Summit holds $6.8 billion in assets and has more than 252,000 members and 967 employees across 57 locations throughout Wisconsin. Since 2002, Kim Sponem has been CEO & President of Summit Credit Union, formerly known as CUNA Credit Union/Great Wisconsin Credit Union. Recognized for its excellence in employee engagement, in 2021, 2022 and 2023 Summit was named both a Top Workplace in the USA by Top Workplaces USA and a Top Workplace in the Madison area by the Wisconsin State Journal. In 2023 it has added a Top Workplace award in Milwaukee by the Milwaukee Journal Sentinel. For more information, visit www.summitcreditunion.com or call 608-243-5000 or 800-236-5560. For additional media information, visit https://www.summitcreditunion.com/about-summit/press-room or follow Summit on Facebook and Instagram.

About Federal Home Loan Banks

The FHLBank System was created by the Federal Home Loan Bank Act of 1932 as a government sponsored enterprise to support mortgage lending and community investment. The System is composed of 11 regional banks which are privately capitalized and owned as cooperatives by their members. Their regional distribution enables each bank to focus on the distinct needs of their individual communities.

While only financial institutions may belong to a FHLBank, people everywhere benefit from them. Each year, the FHLBanks provide access to billions of dollars in low-cost funding to approximately 6,600 of America’s banks, credit unions, insurance companies and community development financial institutions.

Contacts

Jason Waller
Cell: 608-698-5948
Work: (608) 243-5000, ext. 6862
publicrelations@summitcreditunion.com

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