NEW YORK (3/14/16)--Credit unions, with their flexible and responsible mortgage practices, are good resources for borrowers who need more options for mortgages, reported The New York Times, which included comments from a Credit Union National Association (CUNA) expert.

The March 11 article detailed the alternatives for borrowers who want a lower down payment or smaller mortgage insurance payment. “Then there are the thousands of credit unions across the country that have a little more leeway in offering low-down-payment loans without insurance, largely because they keep their loans on their own books,” theTimes said.

“They can listen to the story of the borrower,” Bill Hampel, CUNA chief economist and chief policy officer, told theTimes. “That doesn’t mean they make riskier loans, but they can balance loan requirements off one another. If they are weak in one category but strong in another,” the credit union can still make the loan, he said.

The article also featured the work of CommunityAmerica CU, Lenexa, Kan. It offers programs such as 10% down using one loan without mortgage insurance, or borrowers can take an initial mortgage for 80% of the purchase price and a second loan for up to 15%. “We are going to run the scenarios,” said Carrie O’Connor, chief lending officer. “You need to look at each individual situation and evaluate it.”