Problem:
Sunwest Educational Credit Union is receiving an increased amount
of inquiries for mortgage loans. A number of members don't qualify
for conventional loan products or PMI based on credit score, they
don't have much money to put towards the down-payment, or they have
a gift of funds for the down payment – or some combination of
the three. Interest rates are higher for members on a conventional
loan, and the process to become an FHA approved lender is long, difficult,
and costly.
Solution:
Sunwest Educational Credit Union signed as a FHA-sponsored credit
union mortgage provider through CU Members Mortgage. This streamlined
the process to provide FHA home loans minimizing the time, paperwork,
and added costs involved in offering FHA loans. CU Members assists
you through the process of becoming an approved correspondent.
Results:
“In the six months SunWest Educational CU has been an FHA-sponsored
lender through CU Members, we have been able to help a number of members
with both purchases and refinances we would not have otherwise been
able to assist.
One member family, expecting their first child, wanted to buy a home
of their own, but had no down-payment. Through our partnership with
CU Members, we were able to help them complete the purchase of the
home quickly and at a very competitive rate with a FHA loan.
SunWest Educational CU and its members have definitely benefited from
becoming a FHA-sponsored lender through CU Members, and we look forward
to many more years of working with this program.”
Contact:
Linda Clampitt
Vice President, Marketing
P. 800-607-3474
E. lindacl@homeloancu.com
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