A credit union in Georgia has partnered with a multi-state non-profit organization to help make housing finance loans available to wounded veterans returning home.

The 41,000 member, $247 million Peach State Federal Credit Union and a CUSO, the Credit Union Financial Services Organization, have inked the agreement with the Purple Heart Homes, an organization which takes donated foreclosed properties, renovates them and then provides them at reduced costs to wounded veterans.

Renovations on foreclosed homes cost on average $70,000 for each acquired property by Purple Heart Homes. The veteran pays a mortgage of 50% of the home market value at the time of closing.

Purple Heart Homes obtains foreclosed properties from banks, land banks, cities and other municipalities, the organization said.

Veterans frequently face challenges when returning home, the organization explained, but particularly wounded veterans who face extremely long waiting periods until medical and other Veterans Administration benefits are approved.

These long waiting periods frequently so undermine credit scores that the wounded and disabled veterans find it difficult to obtain mortgages, the organization added.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lending