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Chartway Federal Credit Union Makes Home Buying Easier for Hometown Heroes

Credit Union Offering a Unique 100% Financing Option For Public Service Employees

 
 
Members of the Military Grateful for Hometown Hero
Members of the Military Grateful for Hometown Hero
PRLog - Apr. 29, 2014 - VIRGINIA BEACH, Va. -- Virginia Beach, VA (April 29, 2014) The dream of home ownership just got more affordable and accessible for public service employees – from teachers and fire fighters, to law enforcement officers, military members, and civil servants  – thanks to a new, creative mortgage program offered by Chartway Federal Credit Union.

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,” said Lisa Cafferty, director of Retail Mortgage Origination. “We cut through the red tape and hassle for these public servants so it would be easier for them to get into a home or buy a new one. So often we talk in our society about the sacrifice these individuals make on our behalf, but many of them don’t have the money for down payments.  This program removes that barrier.”

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.”

PHOTO CAPTION

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/owa/redir.aspx?C=e89a53a283324306b...); or, follow them at www.facebook.com/chartwayfcu (https://mail.smhdc.org/owa/redir.aspx?C=e89a53a283324306b...).

Photo:
http://www.prlog.org/12316639/1

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Source:Chartway Federal Credit Union
Location:Virginia Beach - Virginia - United States
Industry:Banking, Finance
Tags:mortgages, military, civil service, Chartway Federal Credit Union
Shortcut:prlog.org/12316639
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