The Credit Union HLPR Mortgage
Home Loan Payment Relief
HLPR (pronounced "helper")
A "No Gimmicks" low-rate mortgage for first-time homebuyers from their credit union. Credit unions are encouraged to sign up, there is no deadline to do so.
First Time Visitors: If you are new to the HLPR website, click here to learn how it is organized, and to help you get started.
Credit unions may click on the links below for more information.
With high home prices and monthly payments, many first-time and modest means buyers have been frozen out of the market. Although credit unions can't produce more affordable housing, they can reduce monthly payments, enabling more borrowers to qualify.
Participating credit unions will offer one or more of the following mortgage products to their qualifying members:
- The original HLPR loan is a three-year adjustable rate mortgage, with an interest rate discount of 1% off the nationwide average 3/1 ARM interest rate. The HLPR 3/1 ARM will have its rate fixed for three years, then adjust annually to the 1-Year CMT Treasury with a 2.75% margin. Annual adjustments are capped at 1% with a lifetime cap of 5%.
- Fixed-rate option Credit unions may offer their qualifying members a 30-year fixed-rate HLPR loan that features a 3-year 1% buydown. Credit unions may use either their own standard 30-year mortgage rate to apply the 1% discount, or a national average 30-year interest rate that CUNA will publish weekly, using similar calculation methods as the national 3/1 ARM rate.
- 5/1 and 7/1 ARMs Credit unions may offer longer term ARMs with a 0.50% buydown based off their standard 5/1 and 7/1 ARMs
To qualify, a borrower's household income must be 100% or less of the area median income, except for certain "high-cost" areas. The program lowers mortgage costs and increases eligibility to qualifying credit union members who are buying a house.
The program demonstrates credit unions' commitment to serve all their members, including those of modest means.
The program has been operating since 4th quarter, 2005.