A member of our credit union needed help purchasing the condo they were already renting. One member is on Social Security Disability and needed to remain in the condo because it is all on one level. He has mobility issues and has difficulty walking, and they did not want to move since doing so would have cost them more money. His wife works full time as a nurse.
The 100% conventional loan that ACFCU has in house would have resulted in too high of a monthly payment for them. I reached out to a partner organization to explore grant or second-lien options that could help. We were able to secure a fixed second loan for $50,550, which kept our loan at 70% loan-to-value and lowered the borrowers’ monthly payment compared to the 100% loan option.
They did not have to move and are now proud owners of their condo!
