NEW BRIGHTON, Minn. (7/11/14)--CU Companies has been approved as a Minnesota Housing lender, a designation which allows the company--on behalf of its partner credit unions and community banks--to assist low- and moderate-income Minnesotans with loan programs that deliver affordable financing options.
"There is a great need amongst our partner credit unions and community banks to have the ability to serve first-time homebuyers and homebuyers needing down payment assistance," said Andrew Panagos, CU Companies chief strategy officer. "As an approved lender, we can now help those individuals obtain a home they can afford."
CU Companies is a service organization that provides a mortgage lending platform for credit unions and community banks. By partnering with CU Companies, financial institutions can serve their marketplaces with a full-service mortgage program.
Minnesota Housing adds another level to the program by delivering Start Up, a first-time homebuyer loan offering fixed interest rates and three down-payment and closing-cost options for eligible borrowers. It also offers Step Up, which provides purchase and refinance loans for repeat homebuyers.
"This is an excellent way we can serve our community of financial institutions and for those partners to serve their individual communities; it's a home run for everyone," said Panagos. "Home ownership is a dream of many and we don't want the new regulatory burdens to keep credit unions and community banks from effectively serving their communities. Our internal loan officers and processors have been trained and are considered experts in the Minnesota Housing products, plus we have staff with experience in using the products. All of this adds up to giving our partners and their borrowers the confidence that these products will be delivered safely and efficiently."