SchoolsFirst Federal Credit Union, the largest Credit Union in California, is helping make home ownership a reality for school employees. The down payment requirement has been lowered from 5% to 3% allowing qualifying school employees in California to become homeowners in one of the most expensive real estate markets in the U.S.
Recent data shows that homeownership for Californians is increasingly out of reach, with just 17% saying they can afford a home, according to the California Association of REALTORS® C.A.R.). Teachers in California earn the highest average salaries in the U.S. at around $100k, yet the average home price is more than $900k. With the lower down payment requirement for SchoolsFirst FCU Members, home ownership is within reach.
If this is of interest, we can arrange an interview with a SchoolsFirst FCU spokesperson who can speak to the California real estate market, current mortgage lending trends, and the financial challenges school employees are facing when it comes to homeownership.
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