FOR IMMEDIATE RELEASE
April 16, 2012
Qualified First-Time Home Buyers Can Receive Assistance Through July 15th
Kalamazoo, Mich. – Consumers Credit Union announces a new home loan program offering home buyer assistance (grants of up to $7,500 per member or individual) for qualifying first-time home buyers. Consumers is just one of a few credit unions in the state offering this unique program, which is funded annually through the FHLBI (Federal Home Loan Bank of Indianapolis).
Key Benefits Of Home Buyer Grant Assistance:
- Up to $7,500 home buyer assistance available per qualifying borrower (3 to 1 match of borrower’s own funds)
- Only 3% down payment (provided by the borrower) is required
- Grant money can be used towards the balance of the down payment, closing costs, and prepaids
- Offer is needs-based (annual household income: $33,800 maximum for singles; $48,300 for couples)
- Can be used in conjunction with any mortgage loan program at Consumers
- Standard credit and income criteria apply
As with many grant programs, the program is available annually (April 15 to July 15, or until funds are depleted) and certain restrictions apply. Adds Murphy, “We encourage all members or other interested individualswho feel they may qualify to contact us immediately. We can help determine each home buyer’s needs and see if this unique and beneficial grant program may work for them.”
Custom-Made Mortgages from Consumers offers two additional programs for even more home buyer assistance.
These options include: High Five Refi (or HARP II) Loans, intended for homeowners who have been making mortgage payments as scheduled but are unable to refinance at current low rates due to a loss of equity their homes; and, Energy Efficiency Grants, part of the FHLBI Neighborhood Impact initiative, designed to help prospective and current homeowners obtain much-needed energy updates for their homes. Some restrictions apply.
For details, contact the Mortgage Department at Consumers Credit Union at 800.991.2221 or visit www.consumerscu.org.