SchoolsFirst Federal Credit Union announced it has lowered the down payment requirement for school employee members seeking a mortgage loan from 5 percent to 3 percent of the purchase price to improve access to homeownership.
The reduced down payment ensures more school employee Members may be able to achieve their dream of owning a home. Recent data shows that homeownership for Californians is increasingly out of reach, with just 17 percent saying they can afford a home, according to the California Association of Realtors (CAR).
As a leading advocate for strengthening the financial wellbeing of California school employees, SchoolsFirst FCU is taking steps to help bridge the gap.
“California’s school employees dedicate their lives to educating and supporting our communities, yet too many are being priced out of the dream of homeownership,” said Bill Cheney, chief executive officer of SchoolsFirst Federal Credit Union. “Our purpose is to serve the people who serve others, and that means taking real action to make homeownership more attainable. By reducing upfront barriers through enhancements to our mortgage lending program, we’re opening doors for our Members to put down roots, build stability and create generational wealth.”
As the largest credit union in California and the largest credit union serving school employees in the nation, SchoolsFirst is committed to making homeownership more attainable for its members in California, one of the most expensive real estate markets in the United States.
