ALEXANDRIA, Va. – Credit unions wanting to apply for loans to help them rewrite mortgages of their low- and middle-income members now have until December 29 to do so.
Credit unions will apply for funds that originate from the Central Liquidity Facility, through corporate credit unions under the Credit Union Homeowners Affordability Relief Program, which originally had an application deadline of today. The program is designed to help credit unions lower rates so that borrowers won't pay more than 38% of their monthly income on their mortgages.
The CLF will provide advances to eligible credit unions to invest in a CU HARP Note guaranteed by the NCUSIF.
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