HARRISBURG, Penn.–Pennsylvania State Employees Credit Union (PSECU) has introduced a new mortgage program for first-time homebuyers.
Program features include:
- Finance up to 100% of the purchase price
- No minimum down payment required
- No private mortgage insurance (PMI) required
- Low PSECU-related closing costs
The $8-billion PSECU said the new mortgage program “opens the door” to credit-worthy borrowers and helps them realize their goals of home ownership by eliminating the barriers of a large down payment and the additional monthly cost of PMI.
Additional Benefits
In addition, the credit union said borrowers who use the product will have the option of a fixed- or a 7/1 adjustable-rate mortgage with terms up to 30 years.
PSECU said it will allow down payment assistance, as well as up to 3% seller assistance. The borrower is required to have 1% of the total loan amount in reserves. The maximum loan amount for the first-time homebuyer program is $726,200. According to PSECU, other terms include that at least one of the borrowers must take and complete a free homebuyer education course. PSECU mortgage consultants will provide links to qualified course options.
Alignment With Philosophy
“The introduction of this program aligns with the credit union philosophy of ‘people helping people’,” stated Jose Pascual, head of mortgage at PSECU. “Beyond that, it speaks to PSECU’s roots – our founders believed in creating a financial institution that would help build better lives for their members. We know that home ownership puts people in control of an asset that can benefit them for a lifetime, and even generations. Our First-Time Homebuyer mortgage program offers people a chance to own their future by creating financial stability and opportunity.”
PSECU has more than 561,000 members.
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