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News Now

CU System
Georgia lending partnership helps disabled mom buy home
ATLANTA (2/6/08)--A single disabled mother with a daughter went to her local credit union in Rome, Ga., and received the necessary help to purchase her first home. A partnership formed in 2007 between the $46.3 million asset, Northwest Georgia CU in Rome, and the $166.7 million asset, CDC FCU in Atlanta, resulted in the offering of the Georgia Dream First-Time Homebuyer Program to Georgia residents. This partnership made the two credit unions the only ones in the state to offer the Department of Community Affairs (DCA) First-Time Homebuyer Program. The Dream Program provides increased down-payment assistance and closing-cost assistance to eligible buyers who may also qualify for a low interest rate and zero-interest mortgage. When Pam Johnson’s need for a new home arose, the partners structured a program with DCA that most lenders could not put forward. The subsidized 30-year fixed loan, with a combination of $15,000 in zero-interest assistance, made Johnson’s dream a reality, CDC FCU said. Johnson found a home within her price range, received financial assistance, and made a small down payment of $500 to secure her loan. She also received grant funds from the Federal Home Loan Bank of Atlanta’s first-time homebuyer program. “It is truly rewarding to help people like Ms. Johnson in reaching her dream of homeownership, especially in such tumultuous economic times,” said John Murphy, CDC FCU vice president of mortgage services. “With the help of the first-time homebuyer resources, we are able to improve the homebuyer markets within the communities we serve.”


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