WARREN, Ohio– 7 17 Credit Union has launched a new affordable housing program in the form of discounts for employees and partner businesses.
Current 7 17 Credit Union employees can receive a 1% mortgage rate discount for a home purchase anywhere in Trumbull County, Ohio, and a 2% rate discount for a home purchased specifically in the city of Warren.
In addition, for employees buying in Warren Ohio, 7 17 Credit Union will waive fees for application, loan origination, credit report, processing and documents, appraisal, and title insurance.
Deals for ‘Partners’
7 17 “Workplace Partners” can also receive the same mortgage fee waivers as those buying in the city of Warren. The savings could amount to about $3,500 on the purchase of a $130,000 home, according to the credit union.
7 17 told WKBN the CU adopted the programs in response to recommendations from the Eastgate Council of Regional Government’s Housing Study, which called on employers to play a more active role in addressing the region’s housing challenges.
Earlier Efforts Undertaken
As the CU Daily reported earlier, in May the City of Youngstown teamed up with 717 Credit Union to tackle affordable housing. The two-pronged program offers grants and loans to qualifying homeowners up to $10,000 at a 1% interest rate for exterior improvements like painting, window replacements and siding. It also provides help for landlords of up to $50,000 to get their properties up to code.
717 says it expects the Youngstown Affordable Loan program to begin sometime this summer.
