TUSTIN, Calif.– SchoolsFirst Federal Credit Union said it has lowered the down payment requirement for school employee members seeking a mortgage loan to 3% from 5% of the purchase price to improve access to homeownership.
The reduced down payment ensures more school employee members may be able to achieve their dream of owning a home, SchoolsFirst said.
The $35-billion credit union pointed to recent data shows that homeownership for Californians is increasingly out of reach, with just 17% saying they can afford a home, according to the California Association of REALTORS,
“California’s school employees dedicate their lives to educating and supporting our communities, yet too many are being priced out of the dream of homeownership,” said CEO Bill Cheney said in a statement. “Our purpose is to serve the people who serve others, and that means taking real action to make homeownership more attainable. By reducing upfront barriers through enhancements to our mortgage lending program, we’re opening doors for our members to put down roots, build stability and create generational wealth.”
Beow, teacher Brian W., a SchoolsFirst FCU member since 1996 and his wife, Judy, and family were able to purchase a home in California through a school employee mortgage.
