Kinecta Federal Credit Union, Manhattan Beach, Calif., said it has expanded its mortgage offerings to include government-backed Federal Housing Administration loans.
Following an initial trial period in March involving its Midwest regional market, the $3.5 billion credit union is now ready to roll out these federally-insured loans, including first-liens, refinances, and high balance loans to all of its 17 states nationwide.
"FHA loans offer several distinct advantages, such as lower down payment options and flexible credit terms, which benefit our business partners in connecting with borrowers during challenging times," said Todd Helmerson, director of wholesale loan production for Kinecta FCU.
According to figures compiled by National Mortgage News, and the Quarterly Data Report, FHA loans account for roughly 30% of the market and are particularly favored among first-time home buyers because of the program's low downpayment features.
