SECU’s First Time Homebuyer’s Program Exceeds $1 Billion in 25th Year!

SECU’s First Time Homebuyer’s Program Exceeds $1 Billion in 25th Year!

RALEIGH, N.C.–(BUSINESS WIRE)–State Employees’ Credit Union’s (SECU’s) First Time Homebuyer’s Mortgage
Loan program has reached a milestone, with over $1 billion in loan
balances. The program has now helped over 8,300 Credit Union members
realize their dream of homeownership.

For a quarter of a century, SECU has offered viable loan options to
eligible first time homebuyers, helping them finance their first home
purchase. Unlike conventional mortgage loan requirements, the Credit
Union’s First Time Homebuyer’s program enables qualified members to
borrow up to 100% of the purchase price for a primary residence. The
average loan amount under the FTHB program is approximately $180,000.
The program is available with SECU’s 2-Year and 5-Year ARM products for
a term of up to 30 years. Competitive interest rates and low settlement
costs, along with no origination or credit report fees and no private
mortgage insurance requirement provide significant savings for first
time Credit Union borrowers. Many young SECU members have used the 100%
financing option to gain a head start on the benefits of homeownership.

Minimal losses have been incurred by the Credit Union over the program’s
24-year history. Even in the midst of the great recession, with
unemployment still hovering around 9% in North Carolina, net charge-offs
in the FTHB program over the past 12 months averaged just .29%, with
60-day delinquency below 2%.

Spencer Scarboro, SECU Senior Vice President of Loan Originations
comments, “We are very pleased the First Time Homebuyer’s Mortgage Loan
program has proven to be of great benefit to our members’ mortgage
financing needs for more than two decades. Our goal as a financial
cooperative is to offer safe and affordable loan options to best serve
the overall needs of our membership. SECU’s achievement of serving 8,300
members with $1 billion in loan balances while incurring minimal losses
is true evidence of the program’s viability and success. SECU, as a
locally-owned financial cooperative, has many ways of providing unique,
fair, consumer-focused services to North Carolina communities; the First
Time Homebuyer’s program is an excellent example of that difference!”

Read about:   Refinance Your House As A Zero-Closing Price Mortgage

About SECU

A not-for-profit financial cooperative owned by its members, SECU has
been providing employees of the State of North Carolina and their
families with consumer financial services for 75 years. With 1.8 million
members, SECU provides services through 248 branch offices, 1,100 ATMs,
24/7 Contact Centers and a website, www.ncsecu.org.

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