Northeastern CUs find success with HLPR program
MARLBOROUGH, Mass. (9/15/06)--The Home Loan Payment Relief (HLPR) program is making a difference in the lives of potential homeowners in the Northeast.
After a presentation at the Phillips plant in Andover, Mass., one member of Addison Avenue FCU stepped forward to get help in purchasing a condo (Values & Visions September 2006).
Nancy Sayer, a member of the $1.8 billion asset credit union, worked with Mary Warren after hearing a presentation by Bill Nagle, senior vice president of credit union training and resource delivery, Massachusetts Credit Union League.
Warren walked Sayer through the steps and worked with her lawyer and real estate agent.
"The program provided a 3/1 adjustable-rate mortgage at 5.125% locked with only 3% down, which made it easier to have money set aside for the closing as well as for things that come up down the road," Sayer said.
"I wasn't nervous at all walking into the closing," she added. "I trusted that they had my best interests in mind, and this was the best decision I could make."
In Portsmouth, N.H., Northeast CU has been successful with the program as well with more than $4 million in HLPR loans closed.
"This program allows us to reach more people and serve low- and moderate income folks who have been unable to buy a first home and move from a rental situation," said Bruce Croteau, vice president of lending at the $482 million asset credit union.
"The wonderful participation of credit unions across the nation has been inspiring and shows how our industry continues to fulfill its leadership mission of developing financial success for emerging generations," said Jim Blake, president/CEO, HarborOne CU, Brockton.
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