MODESTO, Calif. (January 1, 2021)— The new year started off right for two families who now have brand new homes in Modesto, California. On New Year’s Eve, all the documents were signed and the new homeowners were handed their keys, thanks to the efforts made by Rolling F Credit Union in bringing back their mortgage program.
In 2008, Rolling F Credit Union decided to end mortgage lending and focus on growing other loans, such as new and used auto loans, personal loans, and credit builder loans. This decision resulted in a revised loan program that allowed the specific needs of members to be closely looked at, without the interruption of mortgages. Despite this, home loans would provide an abundance of income if re-instated, and Rolling F did not pass on the opportunity that arose at the end of 2020 to do just that - The only difference? This time around, Rolling F put a special emphasis on helping low-income families make owning a home a reality.
The Stanislaus Housing Authority was granted specific land for brand new homes dedicated to low-income households, and Rolling F saw the opportunity to help the community and created a partnership with the SHA. Rolling F agreed to fund the mortgages on these new homes at a special rate, one that would be more than affordable for low-income families. A 40 year mortgage with a 2.5% interest would make the house payments more like monthly rent at an apartment, or cheaper.
“You want to be known for what you do, not what you say, so the fact that there is a real-life story out there that can explain what Rolling F Credit Union is all about is ten times more gratifying that just telling people,” remarked Rolling F Credit Union CEO Randy Icelow.
The phrase “People Helping People” rings true at Rolling F, especially now that the mortgage program has officially launched. While the credit union will focus on funding low-income mortgages, they will also help members refinance, build equity, and educate the community on various topics related to home buying.
Thanks to the efforts of Rolling F Credit Union, families from all walks of life can look into purchasing homes, knowing they are in good hands.