RALEIGH, N.C. – Low to moderate income members of State Employees CU who purchase their first home and finance it through the credit union will now be able to take advantage of the Federal Home Loan Bank of Atlanta's First-Time Homebuyer Program because of the $12 billion in assets credit union's participation in the program. Members may now be eligible for grants of up to $5,000 to assist with down payment or closing costs. In addition, no repayment of these funds will be required if the member remains in their home for at least five years. To qualify for the application process, members have to complete a homebuyer counseling program that covers various topics relative to budgeting and homeownership. SECU's Phil Greer, senior vice president of the credit union's loan administration department, said the program "provides another financial opportunity for SECU members to afford homeownership."
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