A devoted single father was raising three children in a cramped rental, doing his best to provide for them on a modest income while the family struggled to find enough space. With a baby sharing his bedroom and the two older children sharing a room, it was time for him to find a larger home.
Through StartSmart, a first-time homebuyer program that requires no down payment, no private mortgage insurance, and offers 100% financing, he was given the opportunity to purchase a single-family home in North Charleston that was almost double the square footage of his rental.
Purchased as is, the family’s new home needed repairs and upgrades, all of which he was able to afford using the money he saved by not having to put down a down payment. In addition to repairs, he was also able to purchase furniture and household essentials, especially now that each child has a room of their own.
Because StartSmart waives the need for private mortgage insurance, his mortgage payment was comparable to his previous rent. Now, he and his children are living in a significantly safer and more comfortable home.
What sets StartSmart apart is the care and support available beyond the transaction itself. If interest rates were to drop, StartSmart allows the recasting of his mortgage for a lower payment without requiring an expensive refinance. This feature, specific to REV, gave him confidence knowing his credit union will continue to support him in the long term, caring not just about him as a member, but as a person.
