SECU 'green' mortgage program implemented
RALEIGH, N.C. (9/13/06)--A new mortgage program from State Employees' CU (SECU) encourages potential homeowners to go green when purchasing homes.
The Raleigh, N.C., credit union's "green" mortgage program promotes home energy conservation with expanded debt-to-income ratios, a 50% reduction in origination fees, and 100% financing for qualifying members.
The mortgages will be available on homes with an "Energy STAR" rating, representing an energy efficiency level 15% better than the minimum requirements of the 2004 International Energy Conservation Code.
"State Employees' Credit Union realizes the importance of saving energy and is making every effort to assist members with their conservation efforts," said Phil Greer, senior vice president of the loan administration department at the $13.6 billion asset credit union.
"SECU strives to make a difference in the lives of member-owners and is thrilled to help make a positive difference in the environment as well," he added.
"We must all learn to make wise choices that maximize our energy resources," said JoAnne Sanford, SECU board member and chair of the North Carolina Utilities Commission. "I applaud the enlightened efforts of the credit union in helping to make a choice for conservation a realization for our members."
The cost of building such homes is more expensive initially, which prompted SECU to offer the loans to make them more affordable.
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