The $1.9 billion Chartway Federal Credit Union announced a program on Wednesday that will enable teachers, firefighters, law enforcement officers, military members and civil servants in the communities it serves to more easily finance home purchases.
The Virginia Beach, Va.-based credit said successful applicants for its Hometown Hero mortgage program can finance 100% of their home's purchase price and will not have to take out mortgage insurance on the loans.
To qualify, applicants must have FICO scores of at least 680, meet income requirements and not surpass debt-to-income ratios, Chartway said.
Chartway Regional President Kimberly Little acknowledged the Hometown Hero loans will have to remain on the credit union's books since they will not be eligible for sale on the secondary market.
She described the loans as a niche mortgage product Chartway will offer to meet some very specific needs that area realtors had brought to the credit union's attention. She also said the program would not preclude those members from getting another mortgage loan that might better suit their needs.
"In some circumstances, a member might be better off putting down a little bit and obtaining a loan with a better rate," Little said. "People don't come to you to buy a specific product; we work with them to determine which of our available loans might best suit their needs."
The credit union booked roughly $100 million in mortgages in 2013, Little reported.
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