Credit Union Offering Free Seminars and a Unique 100% Financing Option

(Editor's note: HeritageWest and SouthWest Community Credit Unions provided this news release.)

Salt Lake City, UT (April 29, 2014) The dream of home ownership just got more affordable and accessible for public service employees – from teachers and fire fighters, to law enforcement officers, military members, and civil servants  – thanks to a new, creative mortgage program offered by HeritageWest and SouthWest Communty Credit Unions.

Called the “Hometown Hero Mortgage Loan Program,” these dedicated workers can step into a home loan with no down payment, 100% financing, no mortgage insurance, and low closing costs.  The program is available to qualified applicants regardless of previous home ownership.

Why did HeritageWest and SouthWest Community decide to offer such an attractive deal – one that is nearly impossible to obtain in the open market?  “To drive home ownership in our communities,” said John Hume, director of Mortgage Origination for the two
Utah-based credit unions. “We cut through the red tape and hassle for these public servants so it would be easier for them to get into a home or buy a new one. So often we talk in our society about the sacrifice these individuals make on our behalf, but many of them don’t have the money for down payments.  This program removes that barrier.”

Because HWCU and SWCCU are part of the Chartway Federal Credit Union family of credit unions, the Hometown Hero Mortgage Loan Program is not only available in Utah, but nationwide. So if a relative or a friend visits the state and hears about the program or goes online, they can also take advantage of the low rates.  

Qualified candidates must meet income limitations, certain debt-to-income ratios, and have a minimum FICO score of 680.  Hume said interested home buyers can apply online at www.heritagewestcu.com or www.southwestfederal.com or call (855) 668-0055. He said it usually takes about 24-48 hours to pre-qualify and about 30 days to finance the loan.  

Hume said the home buying market still favors buyers, especially in Utah. While the average home sells for approximately $288,000 nationally, in Utah, the cost can vary anywhere from $218,000 to $230,000.

Another feature of the Hometown Hero Mortgage Loan Program is seller-paid closing costs.  In cases where a seller must get out of the home quickly to relocate - or for other reasons - they can help the buyer close by paying upfront costs.

“As a credit union deeply dedicated to supporting its members any way we can, we are excited to offer this program that eliminates many of the common obstacles for our Hometown Heroes,” said regional president Skip Wilson. “It’s an honor to be able to serve those who serve us, and this new mortgage loan program is just one of the many ways we are able to just that.”

About HeritageWest and SouthWest Community Credit Unions
HeritageWest and SouthWest Community Credit Unions are sister credit unions that together, serve members in 17 branches in Utah and through a variety of convenient, 24/7 online services, including online, mobile, and telephone banking; mobile deposit; and online and mobile bill pay. As part of the Chartway family of credit unions, members have access to 55 total branches in Florida, New Jersey, North Carolina, Ohio, Rhode Island, Texas, Virginia, and Utah. Altogether, the organization has assets of approximately $1.9 billion and serves nearly 200,000 members. For more information, visit www.HeritageWestCU.com or www.SouthWestFederal.com.