Called the “Hometown Hero Mortgage Loan Program,” these dedicated workers can step into a home loan with no down payment, 100% financing, no mortgage insurance, and low closing costs. The program is available to qualified applicants regardless of previous home ownership.
Why did Chartway FCU decide to offer such an attractive deal – one that is nearly impossible to obtain in the open market? “To drive home ownership in our communities,”
Qualified candidates must meet income limitations, certain debt-to-income ratios, and have a minimum FICO score of 680. Cafferty said interested home buyers can apply online at www.chartway.com. Members can also contact the credit union toll-free at (800) 678-8765 or (757) 552-1000 within the Hampton Roads area. She said it usually takes about 24-48 hours to pre-qualify and about 30 days to finance the loan.
Another feature of the Hometown Hero Mortgage Loan Program is seller-paid closing costs. In cases where a seller must get out of the home quickly to relocate - or for other reasons - they can help the buyer close by paying upfront costs.
“As a credit union deeply dedicated to supporting its members, we are thrilled to offer this program that eliminates many of the common obstacles for our Hometown Heroes,” said regional president Kim Little. “It’s an honor to be able to serve those who serve us, and this new mortgage loan program is just one of the many ways we are able to just that.”
Members of the Military Grateful for Hometown Heroes Program
Members of the military stop by one of the credit union’s branches to meet with Member Service Representative Brooke Smedley to learn more about its Hometown Hero Mortgage Loan Program.
About the Chartway Federal Credit Union Family of Credit Unions
Chartway FCU, a not-for-profit financial institution, has been serving members and families since 1959, building a service network that includes 55 branches in 8 states. Headquartered in Virginia Beach, VA, the credit union’s reach extends through Florida, New Jersey, North Carolina, Ohio, Rhode Island, Texas, Virginia, and Utah. HeritageWest Credit Union and SouthWest Community Credit Union joined the Chartway family in 2010. Altogether, the organization has assets of approximately $1.9 billion and serves nearly 200,000 members. For more information, visit www.chartway.com (https://mail.smhdc.org/