PremierOne Credit Union's New Loan Offering
PremierOne Credit Union has recently unveiled a new lending program aimed at facilitating homeownership for those living in manufactured home communities. This initiative promises to empower residents by providing financial solutions tailored for HUD-approved manufactured homes.
Understanding the Program
This innovative loan program is specifically designed for lending on manufactured homes that do not reside on owned land. It targets families living in communities where land lease is the norm, thereby opening doors for homeownership to a broader audience. The loans can reach amounts of up to $800,000, and fixed-rate terms can extend up to 25 years, making homeownership more achievable and affordable for many.
The Purpose Behind the Program
Chris Caputo, Vice President of Lending Operations at PremierOne Credit Union, shared that this initiative reflects their ongoing commitment to meet the evolving needs of their members. By introducing financing options for manufactured homes, they aim to help families realize their dreams of owning a home.
Anticipating Growth in Membership
With the launch of this program, PremierOne Credit Union expects a significant increase in loan applications and overall membership growth. They are dedicated to ensuring that the loan application process is accessible, with all loans subject to credit approval and adherence to eligibility requirements.
Leadership Insights on Homeownership
Andrea Brewer, President and CEO, emphasized the credit union's belief that everyone deserves access to safe and affordable housing. The introduction of the Manufactured Home Loan Program marks a substantial step towards expanding homeownership opportunities, thus enabling families to build both stability and equity on their own terms.
About PremierOne Credit Union
PremierOne Credit Union stands firm in its mission to improve the financial lives of its members through genuine relationships, personalized services, and increased access to financial products. With an impressive asset base exceeding $620 million, the credit union serves individuals in various counties. They maintain multiple branches and have partnered with nearly 5,000 CO-OP branches, along with 30,000 ATMs across the country, ensuring convenient access for their members.
Get in Touch
If you have queries or require further assistance about this new loan program, feel free to reach out to Janice Johnson-Lugo at jjohnson@premieronecu.org.
Frequently Asked Questions
What is the focus of PremierOne's new loan program?
The new loan program by PremierOne Credit Union focuses on financing manufactured homes, particularly those that are HUD-approved and not attached to real estate.
How much can one borrow through this program?
Borrowers can access loan amounts up to $800,000 with this new offering, making it a significant financial opportunity.
What are the terms of the loans?
The loans are available with fixed-rate terms that can extend up to 25 years, providing long-term payment options for homeowners.
Who can apply for these loans?
Membership in PremierOne Credit Union is required for applicants, and eligibility is based on residing, working, studying, or worshipping in specified counties.
How does the program help the community?
This program aims to increase access to homeownership in manufactured home communities, ultimately helping to build stability and equity for families.
