VIRGINIA BEACH, Va. (5/1/14)--Chartway FCU has made the dream of home ownership more affordable and accessible for public service employees--from teachers and firefighters, to law enforcement officers, military members, and civil servants--with a 100% financing mortgage loan.
|Members of the military stop by one of Chartway FCU's branches to meet with Member Service Representative Brooke Smedley to learn more about its Hometown Hero Mortgage Loan Program. (Chartway FCU photo)|
The $1.9 billion-asset Virginia Beach, Va.-based credit union's Hometown Hero Mortgage Loan Program includes 100% financing, low closing costs and no mortgage insurance.
"This was a way for us to give back to the civil service employees of the community and make homebuying easier and affordable for them," Claire Alexander, Chartway FCU communications and marketing specialist, told News Now.
The program will also drive ownership to local communities, said Lisa Cafferty, the credit union's director of retail mortgage origination. "We cut through the red tape and hassle for these public servants so it would be easier for them to get into a home or buy a new one," she said. "So often we talk in our society about the sacrifice these individuals make on our behalf, but many of them don't have the money for down payments. This program removes that barrier."
Qualified candidates must meet income limitations, certain debt-to-income ratios and have a minimum FICO score of 680.
Another feature of the Hometown Hero Mortgage Loan Program is seller-paid closing costs. In cases where a seller must get out of the home quickly to relocate, or for other reasons, they can help the buyer close by paying upfront costs.