GRAND RAPIDS, Mich., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Lake Michigan Credit Union (LMCU) is excited to introduce their new down payment assistance program, HomeAssist, to provide economically under-resourced borrowers access to funds that can be used toward a downpayment on their first home. The program has been initially funded with $1 million for its 2024 launch.
HomeAssist offers eligible first-time homebuyers the opportunity to receive $10,000 to use toward their down payment and closing costs, helping more people open the door to homeownership.
To qualify for HomeAssist, applicants must meet the following criteria:
- Must be first-time homebuyers applying through LMCU.
- Must intend to purchase a primary residence in Michigan or Florida.
- Household income must be at or below 120% of the local Area Median Income.
- At least one applicant must identify as Black, African American, Hispanic, and/or Latino.
"As a community-focused credit union, we at LMCU believe everyone deserves a chance to be a homeowner,” said LMCU President & CEO, Julie Leonard. "That's why HomeAssist is such a powerful resource: not only are we giving first-time homebuyers a little extra help, but when our members who are parents own their homes, their children are more likely to own houses of their own one day. We really want to be a factor in starting a chain reaction of positive impact.”
The origins of the HomeAssist program sprung from two different sources at LMCU - LMCU's Community Advisory Board (CAB), formed in 2019, and its Mortgage Community Lending Council, formed back in 2021. Created to help LMCU innovate and benefit more communities through big-picture projects, the CAB brings together local thought leaders who are also LMCU members. In addition to HomeAssist, the CAB's efforts also led to LMCU hosting first-time homebuyer seminars that have assisted over 1,000 participants in their efforts to prepare for purchasing their first homes.
The credit union's Mortgage Community Lending Council is a cross-functional group that implements strategies to increase lending opportunities in moderate-to-low-income areas and majority minority census tracts. Other council initiatives include homeownership workshops hosted at local nonprofits, a HomePlus mortgage loan offering 0% down payment options for qualified borrowers, and utilizing tools like LoanSense and Credit Xpert to help applicants lower their student loan repayments and improve their credit scores.
"Our loan officers have had access to the program for the last several weeks, and already 45 families have qualified for $10,000 each in assistance. This is another great tool for LMCU to help serve minority borrowers and those in moderate and low-income areas reach homeownership. Prospective Applicants should reach out to any of our loan officers, visit an LMCU branch, or connect at LMCU.org/HomeAssist to learn more,” said John Harpst, Vice President of Community Lending and the leader of the Mortgage Community Lending Council.
About Lake Michigan Credit Union
Lake Michigan Credit Union, established in 1933, is the largest credit union in Michigan and 14th largest in the country. Employing a staff of over 1,650 and serving more than 600,000 members, LMCU's assets exceed $13 billion, with over $16 billion in portfolio and serviced mortgages. LMCU has 71 convenient branch locations, including 21 across the Tampa Bay area and Southwest Florida. LMCU members have access to over 55,000 Allpoint ATMs worldwide. LMCU provides a full range of financial services, from high interest-bearing checking accounts to personal loans, mortgages, business banking, investments, and insurance.
To find out more, visit LMCU.org. Federally insured by NCUA. Equal Housing Lender. NMLS #442967.
Media Contact:
Christi Cowdin
Chief Marketing Officer | Senior VP of Marketing
(616) 242-9755
