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Our Commitment to Affordable Lending

Home Loan Payment Relief Program

With rising home prices and monthly payments, many first-time and modest-means home buyers become frozen out of the market. That’s why the Credit Union National Association (CUNA) has created the Home Loan Payment Relief (HLPR) Program. The credit union program makes no-gimmicks, below market-rate mortgage loans available to borrowers with household incomes at or below the median in their markets.

A small group of credit unions in Michigan have committed to offering this program to assist low income members in their communities with achieving their dream of purchasing a first home. More are expected to embrace the program as it garners more attention.

The HLPR program is one more example of how credit unions are taking to heart the commitment to serve people of modest means.

The basics of the program include:

• The HLPR loan is a three-year adjustable-rate mortgage that will be offered to qualifying borrowers at one percent below the national average for these loans. Based on current market rates, the HLPR mortgage will be offered at approximately 4.5 percent.
• Participating credit unions are bearing the cost so that the loans can be offered at this more affordable rate as part of their commitment to serving people of modest means.
• The required down payment will be no more than 3 percent, and gifts or grants are permitted. After three years, the rate will adjust annually to market rates, with rate adjustments capped at 1 percent a year and 5 percent over the life of the loan.
• The loan is available to borrowers whose household income is either at or below the area median income (with additional eligibility for those in “high cost”-designated areas).
• The HLPR mortgage will benefit qualifying borrowers in several ways: through lower monthly payments; by qualifying for a larger mortgage; or by lowering the income level needed for a given mortgage .

Participating Michigan Credit Unions

Advantage One FCU
Christian Financial CU
Clawson Community CU
Communicating Arts CU
Communications Family CU
Consumers Credit Union, Oshtemo
Detroit Edison Credit Union, Detroit
Kensington Valley Community CU
Michigan First CU
NuUnion Credit Union
OCSECU Financial
Peoples Trust CU
Priority Community CU
Royal Oakland Community CU
Southeast Michigan State EFCU
T&C Federal Credit Union, Pontiac
Wy-South FCU