676 Credit Unions Offer Programs for First-Time Home Buyers

“First-time home buyers present a great way for credit unions to grow their purchase market share and in the process also grow membership,” says Callahan COO Alix Patterson.

 
 

WASHINGTON, DC (October 20, 2009) –  Record low interest rates and falling home prices have the Home Affordability Index for First-Time Home Buyers above 110. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home.

As of June 30, 2009, 676 credit unions offer programs specifically for First-Time Home Buyers. Some focus on developing mortgage products for this audience such as Community First Credit Union's Mortgage Stimulus Package that offers an interest free advance on the $8,000 FTHB tax credit. Most involve a financial literacy component and the use of realtor networks to introduce the credit union's services early in the home buying experience.

“First-time home buyers present a great way for credit unions to grow their purchase market share and in the process also grow membership,” says Callahan COO Alix Patterson. “Credit unions have doubled their mortgage market share in the last 2 years because American's recognize the value of partnering with a credit union for the largest financial decision they will probably ever make."

Callahan & Associates will host a webinar on this topic Thursday, October 22nd.  The event, “Helping First-Time Home Buyers: Helping Members take the Plunge”, will discuss how credit unions can build a reputation as a trusted resource for first-time home buyers.

This interactive event includes presentations from two leading credit union mortgage lenders:

  • Glen Ogden, Vice President of Mortgage Lending: Community First Credit Union
    Originated over $137M mortgage loans through the first 6 months 2009

  • Lonnie Burkholder, Vice President of Mortgage Lending: Air Academy Federal Credit Union
    F
    ull slate of state and community programs to offer first-time home buyers the best options available
  • Alix Patterson, Chief Operation Officer: Callahan& Associates
    A review of how credit union’s achieved record market share and record levels of 1st mortgage originations

The 75-minute webinar is designed for credit union CEOs, CFOs, Mortgage Lending Officers, and Marketing Managers.  Please visit the event homepage to register for this event.  The webinar will begin promptly at 2 p.m. EDT, 11 a.m. PDT this Thursday.

Please contact Marissa McGee at (202) 223-3920 ex. 120 or email mmcgee@creditunions.com with any questions related to this event.

 

 

 

Oct. 19, 2009


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