Westerly Credit Union Help Homebuyers
On Thursday The Westerly Community Credit Union said the recipient of a $100,000 grant that helps low- and moderate-income households with home ownership. The credit union’s vice president of marketing, Meg Sisco said the Federal Home Loan Bank approve the Westerly institution to participate in Equity Builder Program.
Sisco said this is the first time the Westerly Community Credit Union is participating while the program has been around for six years. For nearly 80 years.
Federal Home Loan is among the largest source of funding for mortgage lending in around the country. This system is made up of 12 regional cooperative banks that assist lending institutions, with economic-development initiatives and financing housing activities in their local communities. The Westerly credit union will be able to award up to $10,000 per eligible family under the home ownership program.
Households that eligible to participate in the bank equity builder program earn 80 percent of the area’s median income. Under the program, it would offer reduced interest rates for first-time borrowers the Westerly credit union said. It would take $575 off closing-related costs. The program provides opportunities “to help people may not otherwise have the means to purchase a home,” said the Westerly credit union’s vice president of lending, Mike Lynch.