Kinecta Federal Credit Union, Manhattan Beach, Calif., said it is one of the first credit unions to offer a low downpayment mortgage that will help borrowers buy one of the more than 1 million foreclosed homes now owned by Fannie Mae.
The CU will fund a Fannie product called ‘HomePath’ that allows for low downpayment options and no appraisal or mortgage insurance requirements.
To date, Fannie has approved only a handful of credit unions to offer HomePath, including Lake Michigan Credit Union, and UCF Federal Credit Union.
“Kinecta is constantly looking for ways to offer more affordable financing options to potential homeowners,” said Brian Robinett, senior vice president and chief credit officer at the $3.5 billion credit union.
“With the HomePath Mortgage, borrowers receive special financing terms on single-family homes, condominiums and town houses in a variety of neighborhoods,” he said. “It’s a great option for virtually anyone looking for a home, from first-time homebuyers to experienced investors.”
