Seeks to help more members secure home ownership
ROME — AmeriCU Credit Union recently announced it has added mortgage loans, backed by the U.S. Department of Agriculture (USDA), to its suite of home-financing options.
USDA-backed mortgage loans are designed to assist low-income to moderate-income buyers in eligible rural areas. One of the key features is no down payment is required, allowing homebuyers to finance 100 percent of the home’s purchase price.
“At AmeriCU, we are committed to expanding homeownership opportunities for all our members,” Mary Leuthauser, AmeriCU’s assistant VP of mortgage-loan operations, said in the announcement. “The USDA mortgage loan program aligns with our mission to provide flexible and affordable financing solutions.”
The USDA’s Single Family Housing Guaranteed Loan Program assists approved lenders in providing low-income and moderate-income households the opportunity to own dwellings as their primary residence in eligible rural areas, according to a program description on the USDA Rural Development website. Eligible applicants may purchase, build, rehabilitate, improve, or relocate a dwelling in an eligible rural area with 100-percent financing. The program provides a 90-percent loan-note guarantee to approved lenders in order to reduce the risk of extending 100-percent loans to eligible rural homebuyers, per the description.
The nonprofit AmeriCU, headquartered in Rome, has been serving the local community for more than 70 years. It currently has more than 164,000 members, 20 financial centers, $2.7 billion in assets, and serves 24 counties in New York and beyond.