OVERVIEW No required down payment. Member pledges. Blue connects and protects.
Why did Blue create this program?
Blue Federal Credit Union is launching a limited pilot to evaluate the willingness of members to buy share certificates which are pledged as collateral for pooled mortgages requiring no down payment. With a limited number of mortgage candidates in the pilot, we expect to learn about the level of demand both for the mortgage product and for the pledged share certificate. Additionally, we will evaluate the administrative requirements necessary to manage the portfolio.
As a community focused organization, Blue wants to ensure that members of our communities can realize the ultimate American dream of homeownership. With rising home prices, people who otherwise could afford a home (mortgage payments, insurance, and taxes) sometimes have a hard time saving up for a 20% down payment. With this program, the down payment requirement can be waived while also providing pledgers with an incredible interest rate on their pledged funds. It’s a win-win for everyone!
Offer not valid for employees or volunteers of Blue Federal Credit Union. Loan amount may not exceed the conforming loan limit. Insured by NCUA. An equal housing lender.
Blue BlueFederal FederalCredit CreditUnion Union- -No MyMoney Community Down Mortgage | 3
