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St. Mary's Announces New Homeownership Program
Assisting low-to-moderate income individuals and their families
St. Mary's Bank will launch a new homeownership program to
assist low-to-moderate income members by the end of the year.
The Home Loan Payment Relief (HLPR) mortgage program
will focus on long-term payment affordability for first-time
homebuyers.
Home Loan Payment Relief (HLPR)
St. Mary's mortgage product is based on the initiative created by
the Credit Union National Association (CUNA) to assist buyers
to qualify for and stay in a home. The program includes interest
rates that start below the national average and rate caps that keep
payments reasonable and affordable for the life of the loan. In
addition, HLPR has no pre-payment penalties, so borrowers can
refinance into any other program they can qualify for, any time
they wish.
St. Mary's HLPR program is primarily intended for the greater
Nashua market and a counterpart to the 80/20 program available
in Manchester through NeighborWorks Greater Manchester.
St. Mary's HLPR mortgage program will include a three-year
adjustable-rate mortgage (3/1 ARM) with an initial rate priced at
1% below the National Rate as published by CUNA. Interest rate
adjustments will be capped at 1% per year and 5% over the life of
the loan. Other features of the program include:
- Maximum down payment of 3%
- No PMI required (Private Mortgage Insurance)
- Credit to the buyer for closing costs up to a maximum of $1,000
(includes $300 for required homebuyer education)
HLPR loans will be available to first-time homebuyers purchasing
an owner-occupied principal residence single or two family
homes. Borrower household income will be restricted to 100% or
less of the area median income based on HUD data.
For more information about St. Mary's HLPR program, contact
the Mortgage Center at 1.888.705.9596.
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This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.